Home-based financial planning practice

Individuals, couples and families approaching retirement or a big life change, plus small business owners wanting personal advice.

Fees for writing a financial plan, plus ongoing advice fees. Some advisers also earn commission on insurance, depending on current rules. Income builds slowly as the client list grows.

• Explaining money in plain language
• Building trust and listening well
• Careful record keeping and compliance
• Networking for referrals

• You must be on the Financial Advisers Register and work under an Australian financial services licence. Check ASIC's current rules before you start
• Education, exam and professional year requirements can take years to complete if you are starting from scratch
• Professional indemnity insurance and licensee fees, so ask what is included
• Ongoing compliance duties such as best interests duty, record keeping and annual fee disclosure
• Check whether your council requires approval to run a business from home

Startup costs are estimated at typically around $5,000 to $20,000, depending on licensee fees, insurance and your setup. Monthly revenue is estimated at around $3,000 to $15,000, depending on how many clients you have and the advice you provide.

Check that you must be on the Financial Advisers Register and work under an Australian financial services licence, and check ASIC's current rules first. Also check professional indemnity insurance, ongoing compliance duties, and whether your council requires approval to run a business from home.

Education, exam and professional year requirements can take years if you are starting from scratch. Once running, plan on at least around 20 hours a week. Useful skills include explaining money plainly, building trust, record keeping and networking for referrals.