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Expense Checklist for an Advisory Firm’s First Year | Financial Advisors
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Expense Checklist for an Advisory Firm’s First Year | Financial Advisors

Many ingredients go into a financial advisory firm's recipe for success. And building an advisory firm from scratch goes far beyond a standard business plan. An outline of your goals will help direct your steps, but knowing the specific costs to expect will improve your success rate. Having a realistic view of what it takes to start an independent firm and make it through the first year in business should be a part of every business plan, regardless of your experience level. Remember that there are many business models financial advisors can ascribe to (joining another firm, etc.) and still be the boss. That said, here is a breakdown of the startup and first-year expenses of launching an independent firm. Whether you are a career changer starting a new firm, breaking away from a differe...