Starting A Financial Planning Business

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After years of using Junxure and other robust systems that had too many fields, I really like the simplicity of LACRM with the attention to functional design.

It’s like the Mac of CRMs and since I’m a Mac girl, I heart it.

Choose an RIA Custodian: I decided to go with Scottrade because they have low fees for my clients and no minimum asset under management required for advisors. Update Your Info: Update all your information on the CFP Board website, FPA, NAPFA and any other organizations that you’re a part of. The policy was $1,250 plus taxes for a total of $1,323.25.

Buy E&O Insurance: I decided to go with Calsurance because it was affordable and I could purchase it online.

It was easy to do and you can even email your client a link to set up the recurring payment if you don’t want to have it directly on your website. You might not need to buy a new computer but I had to return my work computer so this was one of my biggest expenses.

Write It Down: Develop processes and procedures so that as you grow you are also able to scale your practice. In addition, this will make your life much easier once you decide to hire an intern, Virtual Assistant or Para-Planner to join your firm. I also bought a Doxie Go, which is a portable scanner with wi-fi and a case so that it fits easily in my laptop bag. Cell Phone: I bought a new i Phone 5 for 1.81 and traded in my i Phone 4.I’ve found that nobody wants 50 pages of charts and graphs that they don’t understand.Choose a CRM: I chose Less Annoying CRM because it is exactly what it sounds like.Start documenting and tracking things in your CRM so that others will understand your notes. I also pay about 5 a month for cell phone service and a data plan.I also recommend having a standard “notes template” so that you documents notes in the same order for each client. You can get a discount on your cell phone plan through FPA.Decide on Invoicing and Accounting Software: I’m currently using Wave Apps because it’s free, but I might switch to Quickbooks Online because the starter package is only .95 a month and it would be easier to outsource at a later date.I also allow my clients to pay through Pay Pal and I can send invoices through Pay Pal which I love!Protect Your Network: I work from a lot of coffee shops which is why I set up Private Wi-Fi which encrypts my data on open wi-fi networks for .95 a month.Buy Your Business Domain Name: I bought my domain name from Go for .51 for three years. One year of web hosting was included with my web designer so I didn’t have to purchase it initially, but am now switching to Wp Engine, which is supposed to provide excellent seucrity in addiiton to being able to deal with large spikes in traffic and costs only a month.In my opinion, this is the only way to get your email inbox to zero without forgetting to follow up with items later.Build a Kick-Ass Website in Word Press: Have you looked at a financial planning website lately? Seriously, if you have a halfway decent website you are setting yourself apart from most financial planners.


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