Five Reasons to Start Your Own Investment Management Firm
Those in wealth management have to decide whether they want to work for themselves or someone else’s firm. While both have their pluses and minuses, starting your own investment management firm provides a unique opportunity to put your experience to good use and be in control of your destiny. The following are just some of the reasons you may want to stop working for someone else and start your own firm.
1) You Are Dissatisfied With Your Current Firm
You know you like working in the field of investment management but you’re unhappy at your current employer. If this is the case, then starting your own firm may be the right decision. Maybe you don’t like the business structure of your current firm, or perhaps you feel they prioritize their own investments over those of their clients. No matter the reason, starting your own firm can make sense.
2) You Should Have No Problem Finding Potential Clients
Recent figures show that for the next decade, every single day more than 10,000 residents in the United States will reach the age of retirement. Each of those people needs to have a plan in place and is likely (or should be) looking ahead to the future. People close to retirement will seek out investment management advice to maximize their retirement.
In addition to those approaching retirement, you have a vast client pool of those who are looking ahead to the future and have decades to go.
3) Most Financial Advisors Are Very Experienced
There is also the fact that most financial advisors are currently older, with the average age being over 50. As these advisors approach their own retirement, their clients will be looking for a new financial advisor, which is where you can step in.
4) Are You Calling the Shots?
Starting an investment management firm gives you all of the benefits associated with owning your own business, such as the ability to make your own decisions. You can choose what types of clients to target, how many clients to handle, the strategies to use for wealth management, and everything else. There is no one holding you back.
5) Enjoy Flexibility
One of the great things about being in control of your wealth management firm is that you get to be as flexible as you want. You get to pick your hours, where you work and take vacations when you want.