Independent fee-only financial advisor
Run your own registered advisory firm, planning and managing money for clients for a flat or percentage fee.
- $4k-20k
- Full-time
- From home
- Licence or permit needed
Estimates for a small start in the US, not guarantees.
Official data
23,359 US businesses with employees in this field, -3.9% in a year
NAICS 523930 “Investment advice”. Source: U.S. Census Bureau, County Business Patterns 2023.
What it is
You set up your own registered investment advisory firm, usually from home. You meet clients by video or in person, build a financial plan, and recommend or manage their investments. You are paid by clients directly, not by product commissions.
Your first three steps
- Check which exams and registrations your state securities regulator requires (often the Series 65, or the Series 66 with the Series 7) and start studying
- Pick a niche and write a simple fee schedule and service menu
- Look into forming an LLC, getting an EIN, and the compliance, custody and planning software you would need
Who pays
Individuals and families planning for retirement, saving for college, or managing a windfall. Many advisers focus on a niche, such as teachers, nurses, small business owners or recent retirees.
How it makes money
Flat planning fees, monthly or quarterly retainers, hourly fees, or a percentage of the assets you manage. Income usually starts small and builds as the client list grows.
Skills that help
- Solid knowledge of investing, taxes and retirement planning
- Clear, patient communication
- Building trust and finding clients
- Careful record keeping
Watch out for
- Check whether you register with your state or the SEC, and what filings (such as Form ADV) and renewals apply
- Errors and omissions insurance and possibly other coverage, ask your state regulator and insurers what is expected
- Advisers owe clients a fiduciary duty, so check the rules on conflicts of interest, advertising and record keeping
- Clients can take months to win, so plan for living costs while you build
Deep research report · US
Everything you need to start: independent fee-only financial adviser
Researched with live web search for United States: real startup prices, the licences and rules, what others charge, a break-even example, how to find your first customers and a 30-day launch plan. With sources.
- Startup costs with real prices
- Licences, registration and rules
- Pricing: what others charge
- Break-even example
- Finding your first customers
- 30-day launch plan
- Risks and how to reduce them
Questions people ask
How much does it cost to start a fee-only financial advisor firm?
Startup costs are typically around $4,000 to $20,000, depending on registration filings, insurance, planning software and your home office setup. These are estimates, so confirm fees with your regulator and insurers.
How much revenue can an independent fee-only advisor make?
Monthly revenue is typically estimated at around $2,000 to $10,000, depending on your client count and fee structure. Clients can take months to win, so plan for living costs while you build your practice.
What registration and rules should I check before starting an advisory firm?
Check whether you register with your state or the SEC, and which filings (such as Form ADV) and renewals apply. Also ask about errors and omissions insurance, and check fiduciary duty rules on conflicts of interest, advertising and record keeping.
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