Local financial advice practice with a small office

Local individuals and families, often retirees and people nearing retirement who prefer in-person meetings.

Advice fees for new plans plus ongoing review fees from regular clients. Your income grows as your client base builds up.

• Recognised financial advice qualifications and experience
• Building long-term client relationships
• Running a small business and managing staff
• Local networking

• Licensing, qualification and Financial Advisers Register requirements. Check with ASIC and your licensee
• Professional indemnity insurance and public liability insurance for the office
• Workers compensation insurance once you hire staff (check your state scheme)
• Office lease commitments, so check terms before signing
• Client money, record keeping and complaints handling rules
• Income can be slow to build at first, so plan your cash flow

Startup costs are typically around $15,000 to $60,000, depending on your office lease, fit-out, insurance and any support staff you hire. Check lease terms carefully before signing, as these are estimates only.

Check licensing, qualification and Financial Advisers Register requirements with ASIC and your licensee. Also check professional indemnity and public liability insurance, workers compensation once you hire staff, and rules on client money, record keeping and complaints handling.

Monthly revenue is typically around $8,000 to $40,000, depending on your client base and fees. Income can be slow to build at first, so plan your cash flow. Expect at least about 30 hours a week.