Fee-for-service financial adviser (home office)

Individuals and couples, such as pre-retirees, young professionals and families who want a plan for their money.

Fees for writing a plan and ongoing annual advice and review fees. Check which fee and commission arrangements are currently allowed for the products you advise on.

• Recognised financial advice qualifications and experience
• Explaining money clearly without jargon
• Careful record keeping and compliance
• Building trust with clients

• You must meet ASIC's qualification, exam and ongoing training standards and be on the Financial Advisers Register before giving personal advice. Check the current rules
• You need an Australian Financial Services Licence (AFSL) or authorisation under a licensee. Check the licensee's costs and conditions
• Professional indemnity insurance is usually arranged through the licensee. Confirm what it covers
• Rules on duty to act in the client's best interests, fee disclosure and conflicted remuneration. Check with ASIC and your licensee
• Check with your local council whether a home-based business needs approval
• Privacy and secure storage of clients' personal and financial data

Startup costs are typically around $3,000 to $15,000, depending on your home office setup, technology and the costs and conditions set by your licensee. These are estimates, so check the licensee's fees before you commit.

Check ASIC's qualification, exam and ongoing training standards and the Financial Advisers Register. Check AFSL or licensee authorisation, professional indemnity cover, best-interests, fee disclosure and conflicted remuneration rules, council approval for home businesses, and client data privacy.

Monthly revenue is typically around $3,000 to $15,000, depending on how many clients you take on and the fees you charge. Plan for at least about 15 hours a week, and remember revenue is not profit.