Small financial advice practice with an office

Local households, retirees and small business owners who want ongoing advice on investments, super and savings.

Plan fees and ongoing annual advice fees. More clients and added staff let the practice grow, with the licence costs shared across the team.

• Experienced adviser with a solid client base or referral sources
• Managing compliance and staff
• Marketing and local networking
• Business budgeting

• Holding your own licence brings ongoing compliance, reporting, audit and insurance duties, so check the current ASIC requirements and costs
• Advisers on your team must also meet the qualification and registration rules
• Professional indemnity insurance, and workers compensation once you hire (state schemes)
• Fixed costs such as rent and wages run while your client base builds
• Check your local council's rules for office use of the premises

Estimates suggest startup costs are typically around $150,000 to $300,000, depending on your licence arrangements, office premises, insurance and staff. Fixed costs such as rent and wages run while your client base builds.

Estimates suggest monthly revenue is typically around $8,000 to $40,000, depending on your client base, referral sources and team size. Expect at least 35 hours a week. Rent and wages continue while clients build up.

Check the current ASIC requirements and costs, as holding your own licence brings ongoing compliance, reporting, audit and insurance duties. Advisers on your team must meet qualification and registration rules. Also check professional indemnity, workers compensation and your council's rules for office use.