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Jun 18, 2013 4:46 pm

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 is completely a new business, I have no clients yet. I'll be running this out of my house. I have passed the Series 65 and am in the process of completing the ADV to become state registered. I have a few questions I'm hoping others may know more about than I. Can I be the compliance officer for the firm? Is there a place that would have contract templates such as suitability questionaires and disclosures as well as privacy policy?

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!

Jul 29, 2013 7:07 pm

be sure to research your market, as im not sure lower income / net worth individuals have an ability to pay for your service / can do enough for you to keep your doors open.

Aug 9, 2013 10:30 pm

What an absolutely great feeling! I just got a new job with unlimited earnings potential, everything thing I sell, I keep and no one is busting my balls over weekly/ monthly sales reports or playing b.s. office politics. I received my IA firm approval today!

I appreciate the feedback Inwuwetrust, I agree it will be more challenging as I will have to make up in volume as opposed to increasing assets.

Sep 9, 2013 6:14 am

Check out Tiffany Chamberlin as a Compliance Officer and someone to help you with the legal end of starting a firm.

Check out for tips on starting the business side of the firm.

You’ll need a lot of money in the bank if you work with the clients that others don’t want.

It’s better to “fill your cup up first” and the give to others from the overflow.