Launching Your Financial Planning Business
Being a financial planner is one of the greatest professions in the world. You get compensated by helping people become more financially empowered. They don’t need a pension or a government hand out when they have you on their side. All you have to do is keep them calm, and give them actionable steps to help ensure they are going to be financially sound for the rest of their lives.
Needless to say, financial budget software is going to play a major role here. Certainly, you can help your clients to decide which mutual funds will help their money grow at the best pace for them. You can help them to set up automation, so their savings and bill payments are automatic. But unless your clients have a detailed understanding of where their money is actually going, they won’t be very far ahead of the people who just stuff a couple of bills under their mattress from time to time. Saving and investing money takes some understanding, if only so a person knows what their money is actually doing for them.
As a financial planner, you have the obligation to help people develop a basic understanding of how their money will help them become more empowered. While they don’t need to know a bunch of fancy financial calculations, they do need to know how much they’re saving per year. While they don’t need to be able to field strip a financial statement, they do need to understand why their retirement savings will grow best in a particular kind of account and fund. This way, you can make a difference.