How to Create a Powerful Business Plan for a Financial Planner Business

Being a financial advisor is exciting and you are offering a service people can truly benefit from. You have goals and you have skills, but you need people to trust you to help them plan for their own future. You also want to make money with your chosen business path. Creating a solid business plan can help you identify your goals. You can then decide what steps you need to take in order to make them possible.

Consider your business plan your blueprint for how you will conduct your financial planning business. You need a plan that is realistic, profitable, and achievable within a given period of time. You never want to dive into any business venture and simply hope it all works out in your favor. You definitely need a solid business plan, don’t make the mistake of trying to move forward without one.

Don’t be Overwhelmed

Your business plan shouldn’t be something you dread or drag your feet about. In fact, it is a way for you to make sure you have a solid plan of action in place. It helps you to forecast, to evaluate, and to avoid common pitfalls when you get your business started. You need a great foundation to continue to build it upon. Your business plan may be 5 pages or it may be 10 pages, but don’t rush it and don’t cut corners.

Should you need a creditor to approve funding for you, they are going to want a solid business plan. They need to have a good indicator you have thought this financial planning business through. They aren’t going to get their money back if you can’t make money from it. Your desire to have your own business just isn’t enough when it comes to obtaining business funding. A business plan shares with them you are action oriented and you aren’t just full of hot air!


As your business gets off the ground, you may discover you need to make some changes to your initial business plan. This doesn’t mean you did anything wrong. This doesn’t mean you aren’t in the right track. Such plans often have to be flexible with some changes along the way to secure the optimum level of results.

Your business plan should be a work in progress. It isn’t set in stone and you may find some ways to reach your goals in less time. Should you have any roadblocks along the way, changing the plan can help you to break them down and keep moving forward. Sometimes, your timelines will have to be changed. Don’t get discouraged if it is going to take you longer to reach a goal then you anticipated. As long as you can see progress and you are working towards it, you are moving in the right direction.

Best Practices

There are many branches on the path you can take for your financial planning business. You will need to make some important decisions regarding them. What will help you to reach your goal in the least amount of time? What will help you to have a substantial business that continues to grow? Don’t be tempted to take a short cut that is going to hold the business back in the long run.

Other Employees

It isn’t realistic to think you can operate a successful financial planning business all on your own. You will need some excellent employees to assist you. As the business grows, you may find you need to add more employees to ensure it all gets done. Don’t overlook adding these other employees to your business plan. This includes a reception to schedule appointments and greet clients when they come it. You will also need a bookkeeper to help you with the business finances.

What will your hiring process entail? What qualifications will you require for your employees? You may not be ready to hire anyone initially, and there is nothing wrong with that. Once you get the ball running, then you can start that process and pay them for their contribution to your business.


You can gain plenty of information by looking at examples of other business plans. Ideally, they should be for the same type of business. This will help you to identify information that needs to be included. Of course, you will need to customize the replies to fit your specific business model and goals.


A solid business plan is going to require you invest some time in gathering information. You need to research your competitors, your niche market, and other details. Be selective about where you gain your information from. It has to be credible and reliable or your plan can be sabotages from the very beginning.

A huge part of your research should focus on your competitors. Who is offering similar services in your area? How long have they been doing so? What is the size of their business? How much do they charge for their services? Take a look at their website and their marketing. This will share with you what they are doing to continually try to gain new clients.

Financial Projections

You will need to make some projections about the financial aspects of your business. It is best to be conservative with your earnings and on the high side with your expenses. This will ensure you don’t get into a cash flow crunch. You never want to underestimate your expenses or overestimate your income. This can get your financial planning business into trouble early on!

Keep it Simple

Your business plan needs to be detailed, but keep it simple. You don’t need anything fancy. Don’t try to impress creditors with big words or concepts. They want to see the bottom line. They want to see how you reached your figures too. Read through the business plan to ensure it is free of any spelling or grammar errors.

Your business plan needs to address who your niche market is and how you will reach them. It needs to cover your competitors, your expenses, and your anticipated earnings. It needs to give a realistic idea of what you can do to make this business a success!