Not sure if I agree with the 4 specializations you listed. Most advisors focus on planning and investments, and offer insurance as a supplement, and then maybe advise on when it's ideal to buy a home, maybe talk about rental properties too. But in terms of specializations, advisors seem to find more success within certain niches (ie working with medical professionals, law enforcement, entrepreneurs, people who work in tech, families with disabled individuals, etc., more so differentiating by demographic/circumstances)
You’re absolutely right, I think for the sake of this situation we’re just talking about different things. In order to succeed its really important to define a niche. But what I’m talking about here is the infrastructure you’d need to have in place to distribute certain products. In that case its best to know what products you need to have access to 👊🏽
I mean, long story short, synergy. I’m in the beginning stages of building a VC group. And yes, I agree with everything you say… The one thing I’ll add is government doesn’t want one person (yes person not business) to be entirely vertically integrated… we are dealing with licenses so one person can’t have active licenses for every area of finance simultaneously. for example l you can’t have an active securities licenses and own a private equity fund. But there are technical ways to get around this. This prevents the idea of monarchy in America. Great information bro. In a era of fake news I like to see people spreading correct info 👏👏
I’m working through my CFP at a major finance company who helps cover it and I am thankful for. I would love some advice on going from a major company covering experience towards CFP to starting your own gig!
Do you need any stock tips? I knew Tesla was going to run up 40% these past couple of weeks just like I know gme and amc will rocket over the next few days
Josh love your videos man, great stuff. On the topic of building your own shop, do you manage your clients' assets or do you use an outsourced money manager?
@@JoshOlfertCFP Sounds like the best move to me as well. I know you cannot disclose too much, but what did that process of finding a manager look like?
@@JordanM8 Dependent on the country you're in there will be a variety of advisor services platforms you can plug into! They'll offer a wide range of managers rather than just one. You get to outsource compliance and trading to them. Its just about seeking those out and finding the right ones for you.
So I set up an inc , so I now am looking for poeple that cab do all the other things listed I this channel. If anyone as ideas about the next steps and how to put everything in order then we should have a talk. Thanks
Cool vid. I'm also an IA in Ontario and still building up my book at an FI. Would be curious to what the on-going fees are (dealer fees etc) for being independent.
Thanks Andrew! A lot of the platforms these days don’t even charge dealer fees - they take a % of assets under mangement. For us its in the 0.25-0.40% range and we charge over and above that.
I'm currently serving in the navy and have a vetted interest in finance. I'm currently working on my series 7 license but have a few questions regarding starting my business (when I get out). So to my understanding so far I need: LLC with an SCorp tax id, CFP, series 7 (since i want to offer that as an in house mark up), and business plan. Seems simple enough on the surface but I'm wondering what else should I learn (besides marketing and conversion strategies, I already know my target clients)
Not sure if I agree with the 4 specializations you listed. Most advisors focus on planning and investments, and offer insurance as a supplement, and then maybe advise on when it's ideal to buy a home, maybe talk about rental properties too.
But in terms of specializations, advisors seem to find more success within certain niches (ie working with medical professionals, law enforcement, entrepreneurs, people who work in tech, families with disabled individuals, etc., more so differentiating by demographic/circumstances)
You’re absolutely right, I think for the sake of this situation we’re just talking about different things. In order to succeed its really important to define a niche. But what I’m talking about here is the infrastructure you’d need to have in place to distribute certain products. In that case its best to know what products you need to have access to 👊🏽
Thank you for providing this value bro, this is awesome advice
could you do a video on determining whether or not there's demand, like a dummy's guide to it for someone who's brand new to this industry
Thanks, i actually got that 'demand' thing into mind only after watching this.
Love it! Thanks for watching.
I mean, long story short, synergy. I’m in the beginning stages of building a VC group. And yes, I agree with everything you say… The one thing I’ll add is government doesn’t want one person (yes person not business) to be entirely vertically integrated… we are dealing with licenses so one person can’t have active licenses for every area of finance simultaneously. for example l you can’t have an active securities licenses and own a private equity fund. But there are technical ways to get around this. This prevents the idea of monarchy in America. Great information bro. In a era of fake news I like to see people spreading correct info 👏👏
I’m working through my CFP at a major finance company who helps cover it and I am thankful for. I would love some advice on going from a major company covering experience towards CFP to starting your own gig!
Great content. You should make a day in the life of an independent financial advisor video. Would love to see if the lifestyle is what I picture!
Thank you! That one is on the way. Tough(er) with COVID and compliance/privacy restrictions but we’ll get one done.
Do you need any stock tips? I knew Tesla was going to run up 40% these past couple of weeks just like I know gme and amc will rocket over the next few days
What’s your opinion of LPL as a broker-dealer? Is it okay if we know who you are with? Thanks in advance!
Thank you so much!!
Insurance is foundational to a plan to build wealth. You were a bit dismissive of it in the beginning and undermined the message.
I have loved the video since I had the same question. Blessings from Uganda.
Josh love your videos man, great stuff. On the topic of building your own shop, do you manage your clients' assets or do you use an outsourced money manager?
We've transitioned to the latter! Much better for everyone (except the overactive stockpicker clients, whom we'd rather not facilitate anyways)
@@JoshOlfertCFP Sounds like the best move to me as well. I know you cannot disclose too much, but what did that process of finding a manager look like?
@@JordanM8 Dependent on the country you're in there will be a variety of advisor services platforms you can plug into! They'll offer a wide range of managers rather than just one. You get to outsource compliance and trading to them. Its just about seeking those out and finding the right ones for you.
Solid work, man! The summary starts at 09:55. Cheers!
🙌🏽
I'm 19 now and going for financial consultant
2 year check in
Great cobtent and working towards an IA❤
Really like your stuff. Keep up the great work!
Appreciate it Ryan!
Would an MBA be okay if you don't have a CFP?
Did you form your own RIA?
Do you need a CFP or CFA to run a financial advisory biz
Not necessarily! But you might run into some snags along the way without any credential.
Hey josh, do you have a video expanding on this?
So I set up an inc , so I now am looking for poeple that cab do all the other things listed I this channel.
If anyone as ideas about the next steps and how to put everything in order then we should have a talk.
Thanks
Cool vid. I'm also an IA in Ontario and still building up my book at an FI. Would be curious to what the on-going fees are (dealer fees etc) for being independent.
Thanks Andrew! A lot of the platforms these days don’t even charge dealer fees - they take a % of assets under mangement. For us its in the 0.25-0.40% range and we charge over and above that.
Thanks for some great information we'll go very far
Glad it was helpful!
I'm currently serving in the navy and have a vetted interest in finance. I'm currently working on my series 7 license but have a few questions regarding starting my business (when I get out). So to my understanding so far I need: LLC with an SCorp tax id, CFP, series 7 (since i want to offer that as an in house mark up), and business plan. Seems simple enough on the surface but I'm wondering what else should I learn (besides marketing and conversion strategies, I already know my target clients)
Nice job!
Thank you 🙏🏽
Are you open to being a mentor?
great vid!
Thanks Brandon! 👊🏽
Respectfully,i learned nothing from this video.
Can you tell me how to star a business rolling over 401k’s to Gold IRA’s?
Align yourself with a company that can facilitate that for you 👍🏾hit me up 🤙🏾I’ll show you what I do 😉
How do you become independent from the get go and still get sponsored for the license
Abit late but for your series 65, 63 & 66 you don’t need any sponsorship.