the benefits of buying a financial advisory book of business
TRANSCRIPT
The Benefits of Buying a Financial
Advisory Book of Business
Despite the recent turmoil in the financial markets,
becoming a financial advisor remains one of the most
potentially lucrative and rewarding career choice an
ambitious and motivated young professional can make.
lucrative and rewarding
As a financial advisor, your income possibility is
unlimited, you have the ability to be in business for
yourself, and you get the reward of knowing that you're
helping your clients build their own financial security as
you build yours.
financial security
becoming a financial advisor
Becoming a financial advisor isn't exactly easy,
however the rewards that draw people into the
profession usually aren't enjoyed right away.
hard road
It can be a hard road, starting with passing your
securities exams (such as the Series 7 and 66)
which have only been made more difficult in
response to the financial crisis of 2008.
clients
Then there is the huge challenge of obtaining
clients. Obviously, without clients, you won't
make money.
trust, savings
But convincing people to invest their trust – and
their savings -- in you as a green advisor is not
always an easy task.
book of business
One method used with great success by financial
advisors to surmount the challenge of building a
customer base is buying a book of business from
an existing advisor who is retiring or leaving
the profession.
advantages
There are numerous advantages
to doing this:
immediate income
Immediate Income. When you have clients
on the books, you immediately start generating
Income for your practice from those clients in the
form of fees and commissions.
immediate income
Yes, there is a large financial outlay on your part
to buy a book of business, and this must be done
before any income is realized.
immediate income
However, there are numerous business financing
options that can keep you cash flowing positive
even after buying a book of business.
immediate income
If you play it smart, your income from your book
of business will outpace the monthly expense of
obtaining it.
referral base
Referral Base. The clients in your new book
of business aren't only a great income source,
they are a great source for spreading the word
about your services to their own personal and
professional networks.
If you take care of them and make a great first
impression, your name is likely to come up in a
positive light when they have financial
conversations with their friends and associates.
referral base
Reputation and Relationships. Chances are,
the advisor whose book of business you're buying
has a strong reputation in the industry.
reputation and relationships
That's how he was able to build his client base.
reputation and relationships
Aligning yourself with someone like that can do
wonders for your own nascent reputation, and
anytime you can build a relationship with an
experienced and successful advisor, it is good for
furthering your career.
reputation and relationships
If you are considering buying a financial advisory
book of business, consider speaking to financial
advisor recruiters in Scottsdale.
Recruiters aren't only good for helping you find
jobs, they can help you network with others in
the business.
Sitting down at a financial advisor recruiting firm
Scottsdale and going over your desires, long-term
goals, and budget will allow you to seek out the
best prospects for buying a financial advisory
book of business.
Rhino Search Group is a financial services recruiting
firm known for its valuable client relationships
with the most trusted financial brands.
Contact our financial advisor recruiters if you are
looking to make a move, or buy/sell a book
of business.
Rhino Search Group8970 E Raintree Drive
Suite #300
Scottsdale AZ 85260
Phone: 480-361-9490
Email: [email protected]