Hello, I am currently in the process of setting up my own FA firm. Actually it is a financial service firm including bookkeeping and budgeting services with financial planning as well. My business model is to be a flat fee to review portfolios, make suggestions & assist client with paperwork etc . I do not want to actually manage the investments which I feel allows me to recommend low expense products such as index funds etc.. My clientele will be the small accounts that every other FA would not want.
This process has become more cumbersome than originally thought. I am coming from the banking industry and I am just sick of it. I have also been a bank broker which meant I had very little product offerings and mainly sold annuities to grey hairs. I've spoken with the large firms, Merrill, Wells etc. and I know I do not have the network to support the volume or type of clientele they are looking for. The idea of starting my own company where I can offer any vehicle and not have anyone beating me up over sales goals, dollar amount goals etc. sounds very appealing to me.
Love this site, have gained a lot of info. Appreciate any feedback on my questions or advice, Thanks!