{"id":11141,"date":"2011-06-22T11:20:55","date_gmt":"2011-06-22T01:20:55","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=11141"},"modified":"2021-04-15T10:17:05","modified_gmt":"2021-04-15T00:17:05","slug":"tips-for-advisers-starting-their-own-practice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/06\/22\/tips-for-advisers-starting-their-own-practice\/","title":{"rendered":"Tips for Advisers Starting Their Own Practice"},"content":{"rendered":"<p>Elixir Consulting has shared a number of insights\u00a0for what it says is the growing number of advisers inquiring\u00a0about\u00a0starting up\u00a0their own financial planning business.<\/p>\n<p><!--more-->In its <a href=\"http:\/\/www.pricingadvice.com\/files\/attachments\/E%20article%20June%202011%20-%20Making%20the%20Leap%20to%20Business%20Owner.pdf\" target=\"_blank\" rel=\"noopener\">June newsletter<\/a>, Elixir Consulting Business Coach, <strong>Lana Clark<\/strong>, suggests that\u00a0advisers considering a move to their own practice start by undertaking some honest soul-searching as to exactly why they wish to take this step in the first place.<\/p>\n<p>Ms Clark suggests prospective practice owners ask themselves whether they are\u00a0really self\u2010employment material or whether they\u00a0have an &#8217;employee&#8217; mindset.\u00a0 She points out that the\u00a0skills and disciplines required to successfully run a business are different to those required to be a successful financial planner and that a successful practice owner needs both sets of skills.<\/p>\n<p>Other tips and suggestions offered by Ms Clark include:<\/p>\n<ul>\n<li>Addressing the financial implications of becoming your own boss.\u00a0 This includes:\n<ul>\n<li>A clear agenda as to what the practice owner is prepared to spend in order to &#8216;&#8230; get the job done&#8217;<\/li>\n<li>The imperative of understanding and monitoring\u00a0cashflow issues<\/li>\n<\/ul>\n<\/li>\n<li>The vision for the business and the need to articulate this vision in a business plan that should be considered a dynamic document to be\u00a0reviewed and updated\u00a0regularly<\/li>\n<li>The importance of compliance and understanding that &#8220;&#8230; a compliant business is about doing the right things by your clients&#8230;&#8221;<\/li>\n<\/ul>\n<p>On the subject of managing staff,\u00a0Ms Clark points out that an adviser taking people with them from one business into another may be a mistake because they may never get used to the adviser&#8217;s rules or the new culture in which they wish to operate.\u00a0 Ms Clark also warns that &#8220;While you may be successful at managing relationships with clients, managing staff is a completely different experience.&#8221;<\/p>\n<p>In making the transition to running their own practice, Ms Clark encourages advisers to:<\/p>\n<ul>\n<li>Do your homework during planning phase<\/li>\n<li>Understand the opportunities<\/li>\n<li>Be honest in your reflection of your own ability and propensity to be able to do what it takes to survive and thrive in business<\/li>\n<li>&#8216;Take the plunge&#8217; with the intention of \u2018running it like a business&#8217; from the very beginning<\/li>\n<li>Be aware that you will no longer have the same safety net that you had when employed<\/li>\n<\/ul>\n<p>Advisers can <a href=\"http:\/\/www.pricingadvice.com\/files\/attachments\/E%20article%20June%202011%20-%20Making%20the%20Leap%20to%20Business%20Owner.pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> to access the full article.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elixir Consulting has shared a number of insights\u00a0for what it says is the growing number of advisers inquiring\u00a0about\u00a0starting up\u00a0their own financial planning business.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11141","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=11141"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11141\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=11141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=11141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=11141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}