Local retirement planning practice
Open a small office and guide nearby families and retirees with ongoing planning and retainer-based advice.
- $8k-40k
- Full-time
- Own premises
- 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
A full-time local planning practice with a small rented office for in-person meetings. You build long-term relationships with clients, handling retirement income plans, Social Security timing, insurance reviews and yearly updates.
Your first three steps
- Confirm with your state regulator how to register your own advisory firm, and plan for exams and any certifications such as CFP
- Choose an office near your target clients (a shared or executive suite keeps costs down) and check your city or county business license rules
- Start local: host free workshops at libraries, community centers or employers and build referral ties with local CPAs and estate attorneys
Who pays
Pre-retirees, retirees, small business owners and families in your community who prefer face-to-face advice.
How it makes money
Ongoing annual or monthly planning retainers, plus planning fees for new clients. Some advisers also charge a percentage of assets they manage, if registered to do so.
Skills that help
- Retirement, tax and estate planning knowledge
- Networking and presenting to local groups
- Patience and clear communication with anxious clients
- Running a compliant small business
Watch out for
- Registration and exams: rules vary by state and by whether you manage client assets
- Errors and omissions and general liability insurance, plus workers' compensation if you hire
- Compliance duties such as disclosure documents, record keeping and cybersecurity: check what applies
- It can take a long time to build enough clients, so keep savings or other income as a buffer
- Check your lease and local business license requirements before you commit to an office
Deep research report · US
Everything you need to start: local retirement planning practice
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 retirement planning practice?
Startup costs are typically estimated at around $8,000 to $40,000, depending on your office, technology, insurance and registration costs. Check your lease and local business license requirements before committing to an office.
How much can a retirement planning practice earn?
Monthly revenue is typically estimated at around $3,000 to $15,000, depending on how many clients you build up. It can take a long time to build enough clients, so keep savings or other income as a buffer.
What rules should I check before opening a financial planning practice?
Registration and exam rules vary by state and by whether you manage client assets, so check what applies. Also check compliance duties such as disclosure documents, record keeping and cybersecurity, plus errors and omissions and general liability insurance.
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