How to Turn Financial Planning Into a Full-Time Business

Updated: September 6, 2018

I’ve been in the financial industry for over a decade now. I started through this blog, by writing personal finance articles. Eventually, it led me to putting up my own financial planning firm, Wealth Arki.

One of the reasons why I stayed so long in this industry is because of the sense of purpose and feeling of self-fulfillment that I experience in helping others. Honestly, I never imagined that financial literacy would become my life’s passion, but it did.

Through the years, I’ve met numerous individuals who share my advocacy in helping others become financially free. A lot of them work with an insurance company as a financial advisor, and mostly as a part-time gig.

Lately, one of them asked me for advice on how to turn this passion into a full-time business. He has a day job and works as a financial advisor on his free time for extra income.

In recent months, he realized that he wants to shift and go full-time in the financial industry. His decision is also influenced by the commission income he’s receiving, which has been getting higher as he took in more clients.

If you’re a financial advisor, who’s looking to build a business around this freelance career, then here are some tips:

Start with yourself

As a financial advisor, you need to set a good example to your clients. Track and minimize expenses, create and follow a budget, properly manage debts, build your savings, and invest regularly.

Moreover, you should continuously invest on your financial education. Learning should never stop. Beyond the company trainings that you’re required to attend, you can go to other seminars and workshops, read books, and network with other professionals in the industry.

Document your process

Buidling a business requires you to change your mindset from being a freelancer towards being a business owner and manager. This means looking at financial planning as more than a job but a scalable business process.

From prospecting to advising, from closing to after-sales service, you need to document the tasks involved. Identify which you can automate or delegate. And more importantly, you need to set quality guidelines for each step.

Develop your business plan

Having a business plan is important because it is your blueprint towards success. It acts as your roadmap that will take you to where you want to go, or in this case, what you want to achieve.

A business plan, among others, should clearly define your target market. It also enumarates your marketing strategies, as well as provide details on the business process that you’ve done in the previous step.

Lastly, a business plan presents the important numbers for your venture to succeed. Particularly, the breakeven analysis, ideal target monthly sales, as well as the different business milestones that you want to achieve in the next five years.

Register your business

Put all that business planning into practice. Start small and then scale up. You can choose to register as a sole proprietor business. Or more simply, register yourself as a insurance professional.

While most financial advisors are satisfied with getting individual clients, being a duly-registered business entity will allow you to work with companies as well. You can sell group insurance and keyman insurance, for example.

I understand that this step is where most people find cumbersome. Fortunately, there’s this fast-growing, web-based, tax filing service business called Taxumo.

They’re a Filipino company, which helps self-employed individuals and professionals with their business registration and BIR tax compliance. In fact, you can conveniently pay your taxes online through their website to avoid the fuss and hassle of going to the bank or filing your tax documents at the BIR office.

If you would like to quickly get started on business registration, you can visit Taxumo’s Business Registration page. This page is quite useful, since it shows you the steps on the requirements you need to prepare, and the steps involved. But more importantly, you can let Taxumo handle your business registration for you.

And once you’ve successfully obtained your COR (Certificate of Registration), you can sign up for free at, if you would also like to automate your tax filing. Be sure to input the code OPENTAXUMO when you sign up to get Php 100 off on your first tax filing!

Build your team

After all is properly set up, you can now focus on building your team. Find individuals whom you can share with your passion for financial education. Then use your business process documentation to duplicate yourself in them.

I’m sure that in no time, you’ll have several passionate people under your wing, who are willing to grow and be part of your financial planning business.

Disclosure: Taxumo is a brand partner of this blog.

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One comment

  1. Hi Sir Fitz, You are one of my many inspirations why I became a Financial Advocate. I’ve also build a blog to share my experiences and be able to help others to become financially literate.

    With regards to being a Financial Adviser, how do I become one? hope sir, you can point me in the right direction.

    Thank you.

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