business plan for wealth management

Private Wealth Management Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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Are you about starting a wealth management company? If YES, here is a complete sample wealth management firm business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a wealth management firm. We also took it further by analyzing and drafting a sample wealth management firm marketing plan template backed up by actionable guerrilla marketing ideas for wealth management companies. So let’s proceed to the business planning section .

If you are interested in managing wealth for clients and you have some form of financial expertise and certifications, one of the businesses that you can conveniently start is a wealth management firm. No doubt starting a wealth management firm might not be as easy as it sounds, but if you are determined and hardworking, you will sure achieve your aim of owning a wealth management firm.

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Starting a wealth management firm requires moderate startup capital and it can be considered to be a very profitable venture especially if you are good at discovering investment opportunities with good returns on investments. As a wealth management firm, your responsibility is to manage wealth and portfolios for your clients; you are to manage assets for investment vehicles such as mutual funds, hedge funds and insurance products et al.

Now that you have decided to start your own wealth management firm, it is important that you sit back to create plans on how to raise start – up capital, how to attract clients, how to generate profits and how to run the business. These are the questions your business plan will help you answer.

Below is a sample wealth management firm business plan template that will help you successfully write yours with little or no stress;

A Sample Private Wealth Management Firm Business Plan Template

1. industry overview.

Establishments in the Portfolio cum Wealth Management industry are known to primarily manage assets for her clients; they are known to manage assets for investment vehicles such as mutual funds, hedge funds and insurance products et al.

Wealth managers have the authority to make investment decisions and generate revenue through fees that are based on service and portfolio performance.

If you are a close observer of happenings in the Portfolio Management industry, you will agree that the unprecedented severity of the financial crisis and subsequent recession has contrasted the Portfolio Management industry’s recovery since, particularly in 2013, resulting into fluctuation in the revenue generated in the industry.

In the meantime, the profit in the industry has declined and this can be attributed to increased competition and shifting preferences, placing downward pressure on fees. Going forward, the revenue generated in the industry is projected to increase, largely due to the historic highs in equity markets.

So also, improved market conditions are expected to push up stock returns and bond yields, resulting to remarkable growth for the Portfolio Management industry.

The Portfolio Management / Wealth Management Industry are a very large and thriving industry not only in the developed nations, but also in developing and under developing countries of the world. Statistics has it that the Portfolio Management Industry in the united states of America, is worth $249 billion, with an estimated growth rate of 4.8 percent within 201 and 2016.

There are about 17,743 registered and licensed portfolio management / wealth management firms scattered all across the United States and they are responsible for employing about 188,830people. It is important to state that there is no company with a dominant market share in this industry; the industry is open for fair competitions for the available market.

A recent report published by IBISWORLD shows that the Mid-Atlantic region is estimated to account for 20.8 percent of total industry establishments. They stated that the region is the most important geographic segment for investment bankers and securities dealers, whom industry operators attract assets from.

The report further stated that some of the industry’s largest players, including Blackrock, are headquartered in the region due to its geographic proximity to an array of downstream corporate headquarters, financial intermediaries and exchanges. Prestige and branding also play an important role in this industry, with New York City housing many of the industry’s prominent players.

Lastly, even though the Portfolio Management industry is open for aspiring entrepreneurs to launch their business, it is important to state that experience and qualifications is key to the success of new players in the industry; you would need a good track records coupled with trust to attract people and businesses to commit their wealth into your care to manage on their behalf.

2. Executive Summary

Jonah Kent & Co® Wealth Management, LLP is a registered, licensed and accredited wealth management firm that will be based in New York City – New York. We have been able to secure a well – furnished office facility in a busy business district in New York City – New York.

The company will handle all aspect of portfolio management services such as large cap equity asset management, fixed-income asset management, equity specialties asset management, alternatives asset management and portfolio / wealth management consultancy and advisory services. We are aware that to run a standard wealth management firm can be demanding which is why we are well trained, certified and equipped to perform excellently well.

Jonah Kent & Co® Wealth Management, LLP is a client – focused and result driven venture capitalist firm that provides broad – based services. We will offer trusted and profitable wealth cum portfolio management services to all our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Jonah Kent & Co® Wealth Management, LLP, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in wealth management line of business and other investment portfolios with good track record of return on investments.

Jonah Kent & Co® Wealth Management, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in the wealth management line of business in the whole of New York City, and also to be amongst the top 20 wealth management firms in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that New York is the right place to launch our wealth management business before expanding our services to clients in other cities in The United States of America.

Jonah Kent & Co® Wealth Management, LLP is founded by Jonah Kent and his business partners for many years John Vardy. The organization will be managed by both of them since they have adequate working experience to manage such business.

Jonah Kent has well over 15 years of experience working at various capacities as a portfolio manager for leading investment banks and related firms in the United States of America. Jonah Kent graduated from both University of California – Berkley with a Degree in Accountancy, and University of Harvard (MSc.) Financial Management and he is an accredited and certified portfolio manager.

3. Our Products and Services

Jonah Kent & Co® Wealth Management, LLP is established with the aim of maximizing profits in the Portfolio cum Wealth Management industry. We want to compete favorably with the leading portfolio cum wealth management firms in the United States which is why we have but in place a competent team that will ensure that we meet and even surpass our customers’ expectations.

We will work hard to ensure that Jonah Kent & Co® Wealth Management, LLP is not just accepted in New York City – New York, but also in other cities in the United States of America where we intend opening our offices. We are in the Portfolio cum Wealth Management industry to make profits and we will ensure that we do all that is permitted by the law in the United States of America to achieve our aims and ambitions of setting up the business

Our services and products are listed below;

• Large cap equity asset management
• Fixed-income asset management
• Equity specialties asset management
• Alternatives asset management
• Large-cap equity, government fixed income and structured products
• Equity specialties and fixed income products
• ETFs and passively-managed products
• Alternatives
• Solutions Products and Other (target date products and LDIs)
• Related investment consulting and advisory services

4. Our Mission and Vision Statement

• Our vision is to build a wealth management brand that will become one of the top choices for individual and corporate clients in the whole of New York City – New York and throughout the United States. Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to position the business to become one of the leading brands in the Portfolio cum Wealth Management industry in the whole of New York City, and also to be amongst the top 20 wealth management firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard wealth management firm in New York City – New York, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we put in place stand operating processes and structure.

Jonah Kent & Co® Wealth Management, LLP we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company.

The picture of the kind of the wealth management firm we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around New York and environs as long as they are willing and ready to work with us to achieve our business goals and objectives.

Below is the business structure that we will build Jonah Kent & Co® Wealth Management, LLP on;

• Chief Executive Officer

Chief Financial Officer (CFO) / Chief Accounting Officer (CAO)

• Wealth / Portfolio Managers

Admin and HR Manager

Risk Manager

• Marketing and Sales Executive
• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Portfolio / Wealth Managers

• Provides market research and implementing new investment product and strategies
• Create research and review platforms for new, existing and potential investment products
• Exceeds client expectations with returns on investments
• Work closely with analysts and traders to ensure trading strategy is carried out correctly
• Construct and review performance reports to show to investors
• Works directly with marketer to relay investment strategy and risk measures for website and other forms of marketing
• Performs due diligence visits and assessing investment management firms and quantitatively analyzing investment pools
• Has extensive knowledge of industry policies and regulations set in place by the SEC
• Focuses on capital introductions and networking to sign up new investors to the organization
• Plans, designs and implements an overall risk management process for the organization;
• Risks assessment, which involves analyzing risks as well as identifying, describing and estimating the risks affecting the business;
• Risks evaluation, which involves comparing estimated risks with criteria established by the organization such as costs, legal requirements and environmental factors, and evaluating the organization’s previous handling of risks;
• Establishes and quantifies the organization’s ‘risk appetite’, i.e. the level of risk they are prepared to accept;
• Risks reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;
• Handles corporate governance involving external risk reporting to stakeholders;
• Carries out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong;
• Conducts audits of policy and compliance to standards, including liaison with internal and external auditors;
• Provides support, education and training to staff to build risk awareness within the organization.
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.

Marketing / Investor Relations Officer

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distributes mails in the organization
• Handles any other duties as assigned by the line manager

6. SWOT Analysis

Jonah Kent & Co® Wealth Management, LLP engaged the services of a core professional in the area of business structuring to assist our organization in building a well – structured wealth management firm that can favorably compete in the highly competitive Portfolio cum Wealth Management industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Jonah Kent & Co® Wealth Management, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Jonah Kent & Co® Wealth Management, LLP;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money (good returns on their investment) and also to increase our annual returns; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new wealth management firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated Portfolio cum Wealth Management industry that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

• Opportunities:

The opportunities in the Portfolio cum Wealth Management industry is massive considering the number of corporate organizations and individual clients who would want their business portfolios and wealth to be properly managed. As a standard and accredited wealth management firm, we are ready to take advantage of any opportunity that comes our way.

Wealth management firm services involves large amount of cash and it is known to be a very high risk venture, Hence, whoever chooses to manage it must not just have solid investment background, but must also know how to handle risks and discover potential thriving businesses and opportunities. The truth is that if you are not grounded in risks management as a wealth manager, you may likely throw away peoples’ monies and investment.

Just as in any other business and investment vehicles, economic downturn, unstable financial market and unfavorable government economic policies can hamper the growth and profitability of wealth management firms.

7. MARKET ANALYSIS

• Market Trends

If you are a close observer of the trends in the Portfolio Management industry, you will agree that the unprecedented severity of the financial crisis and subsequent recession has contrasted the Portfolio Management industry’s recovery since, particularly in 2013, resulting into fluctuation in the revenue generated in the industry.

So also, improved market conditions are expected to push up stock returns and bond yields, resulting to remarkable growth for the Portfolio Management industry. On the average, it is trendy to find wealth management firms locate their offices in a financial hub and also employ strategies that can help them reduce market risk specifically by shorting equities or through the use of derivatives.

8. Our Target Market

The main reasons for starting a wealth management firm is obviously to provide help our corporate and individual clients manage their business portfolio and wealth. The truth is that it takes a core professional to be able to identify investment vehicles with fewer risks that can give good returns on investment.

As a standard, accredited and licensed wealth management firm, Jonah Kent & Co® Wealth Management, LLP offers a wide range of investment portfolio management services hence we are well trained and equipped to services a wide range of clientele base and start – ups.

Our target market cuts across businesses and investors that has the required capital to invest in start – ups and other investment portfolios. We are coming into the industry with a business concept and investment strategies that will enable us produce good returns on investment for ourselves and our clients.

Below is a list of the individual and organizations that we have specifically design our products and services for;

• Celebrities
• Business man and women
• Small and medium scales businesses
• Accredited Investors
• Start – ups
• Investment Clubs
• Top corporate executives
• Corporate Organizations / Blue Chip Companies

Our competitive advantage

Despite the fact that wealth management firms’ investment strategies give huge returns on investment, you just have to choose the right wealth managers. If you drive through the street of New York City, you will come across several wealth management firms and related business ventures; that goes to show you that there are competitions at different levels in the industry.

For you to survival as a wealth management firm, you should be able to come up with workable investment strategies; strategies that will help you attract the required cash / capital and above all you should be a good risks manager and one that can spot a potential thriving investment opportunity from afar.

We are quite aware that to be highly competitive in the Portfolio cum Wealth Management industry means that we should be able to give good returns on investments to our clients, turn around the fortune of a dying company for good , spot potential successful business opportunities and invest in them, deliver consistent quality service, our clients should be satisfied with our investment strategies and we should be able to meet the expectations of clients.

Jonah Kent & Co® Wealth Management, LLP might be a new entrant into the Portfolio cum Wealth Management industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified portfolio management experts in the United States. These are part of what will count as a competitive advantage for us. So also, our office facility is strategically located in the commercial capital of the world.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups wealth management businesses) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Jonah Kent & Co® Wealth Management, LLP is established with the aim of maximizing profits in the Portfolio cum Wealth Management industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis.

Jonah Kent & Co® Wealth Management, LLP will generate income by offering the following investment related services and products;

10. Sales Forecast

One thing is certain, there would always be accredited investors, small scale and medium scale businesses and wealthy individuals who would need the services of tested and trusted portfolio cum wealth management firms.

We are well positioned to take on the available market in New York City and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City to other cities in the United States of America.

We have been able to critically examine the Portfolio cum Wealth Management industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City.

Below are the sales projection for Jonah Kent & Co® Wealth Management, LLP, it is based on the location of our business and the wide range of investment management services that we will be offering;

• First Fiscal Year-: $550,000
• Second Year-: $ 1 Million
• Third Year-: $2 Million

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiffer competitions amongst wealth management firms and other related financial investment cum consulting service providers in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our return on investment and excellent job deliveries speaks for us in the market place; we want to build a standard wealth management business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our wealth management firm to become one of the top 20 wealth management firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the New York City but also in other cities in the United States of America.

Jonah Kent & Co® Wealth Management, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, start – ups, accredited investors, entrepreneurs and key stake holders in New York City and other cities in The United States
• Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local finance and business expos, seminars, and business fairs et al
• Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver good returns on investment
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients
• Join local chambers of commerce and industries in our city with the aim to networking and marketing our services

11. Publicity and Advertising Strategy

The uniqueness of the Portfolio cum Wealth Management industry is such that it is the result they produce that helps boost their brand awareness. Wealth management firms do not go out there to source any businesses or investors that they can come across but they are strategic when it comes to sourcing for clients to work with.

It will be out of place to boost your wealth management firm brand if you have not proven your worth in the industry. If you have successfully proven that you have what it takes to operate a successful wealth management firm, then you next port of call is to strategically engage the media to help you promote your brand and also to create a positive corporate identity.

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the Portfolio cum Wealth Management industry by storm which is why we have made provisions for effective publicity and advertisement of our wealth management firm.

Below are the platforms we intend to leverage on to promote and advertise Jonah Kent & Co® Wealth Management, LLP;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around New York City.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Portfolio cum wealth management firms are known to generate income from various investment portfolios hence there are no pricing models for this type of business . But on the other hand, they tend to negotiate with their financial partners on percentage whenever they invest their hard-earned money in an investment vehicle and also from consultancy fees.

At Jonah Kent & Co® Wealth Management, LLP we will ensure that we give good returns on investment (ROI) and always maximize profits. As regards consultancy fees, we ensure that we abide by what is obtainable in the industry.

• Payment Options

The payment policy adopted by Jonah Kent & Co® Wealth Management, LLP is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Jonah Kent & Co® Wealth Management, LLP will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for all our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.

13. Startup Expenditure (Budget)

When it comes to calculating the cost of starting a wealth management firm, there are some key factors that should serve as a guide.

Besides, in setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The business tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a wealth management firm; it might differ in other countries due to the value of their money.

Below are some of the basic areas we will spend our start – up capital in setting up our wealth management firm;

• The total fee for incorporating the Business in the United States of America – $750.
• The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400
• The amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000
• The total cost for hiring Business Consultant – $2,500
• The cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
• Marketing promotion expenses for the grand opening of Jonah Kent & Co® Wealth Management, LLP in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for purchase of the required software applications (Investment tracking Software, Payroll Software, CRM software, and Accounting Software et al) – $10,500
• The cost of launching our official Website – $600
• Budget for paying at least three employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a small scale but standard wealth management firm in the United States of America. Please note that the salaries of all our staff members for the first month is included in the expenditure.

Generating Funds / Startup Capital for Jonah Kent & Co® Wealth Management, LLP

No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through.

Jonah Kent & Co® Wealth Management, LLP is a business that will be owned and managed by Jonah Kent and John Vardy, his business partner for many years. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 ( Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Jonah Kent & Co® Wealth Management, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to give our clients good returns on their investment and to properly manage their investment portfolios.

We will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Securing a standard office facility in New York City: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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Essential requirements in crafting a one-page financial advisor business plan.

August 17, 2015 07:01 am 21 Comments CATEGORY: Practice Management

Executive Summary

In a world where most advisory firms are relatively small businesses, having a formal business plan is a remarkably rare occurrence. For most advisors, they can “keep track” of the business in their head, making the process of creating a formal business plan on paper to seem unnecessary.

Yet the reality is that crafting a business plan is about more than just setting some business goals to pursue. Like financial planning, the process of thinking through the plan is still valuable, regardless of whether the final document at the end gets put to use. In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.

So what should the (one-page) financial advisor business plan actually cover? As the included sample template shows, there are six key areas to define for the business: who will it serve, what will you do for them, how will you reach them, how will you know if it’s working, where will you focus your time, and what must you do to strengthen (or build) the foundation to make it possible? Ideally, this should be accompanied by a second page to the business plan, which includes a budget or financial projection of the key revenue and expense areas of the business, to affirm that it is a financially viable plan (and what the financial goals really are!).

And in fact, because one of the virtues of a financial advisor business plan is the accountability it can create, advisors should not only craft the plan, but share it – with coaches and colleagues, and even with prospective or current clients. Doing so becomes an opportunity to not only to get feedback and constructive criticism about the goals, but in the process of articulating a clear plan for the business, the vetting process can also be a means to talk about the business and who it will serve, creating referral opportunities in the process!

Author: Michael Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth , which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners , a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network , AdvicePay , fpPathfinder , and New Planner Recruiting , the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com , dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Read all of Michael’s articles here .

Why A Business Plan Matters For Financial Advisors

There’s no end to the number of articles and even entire books that have been written about how to craft a business plan , yet in practice I find that remarkably few financial advisors have ever created any kind of formal (written or unwritten) business plan. Given that the overwhelming majority of financial advisors essentially operate as solo practitioners or small partnerships, this perhaps isn’t entirely surprising – when you can keep track of the entire business in your head in the first place, is there really much value to going through a formal process of crafting a financial advisor business plan?

Having been a part of the creation and growth of numerous businesses , I have to admit that my answer to “does a[n individual] financial advisor really need a business plan?” is a resounding yes . But not because you’re just trying to figure out what the basics of your business will be, which you may well have “figured out” in your head (or as the business grows, perhaps figured out in conversations with your partner). The reason a business plan matters is all about focus , and the ability to keep focus in proceeding towards your core objectives, and accountable to achieving them, even in a dynamic real-world environment full of distractions.

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As the famous military saying goes, “ no battle plan ever survives contact with the enemy ”, because the outcomes of battle contact itself change the context, and it’s almost impossible to predict what exactly will come next. Nonetheless, crafting a battle plan in advance is a standard for military leadership. Because even if the plan will change as it’s being executed, having a clearly articulated objective allows everyone, even (and especially) in the heat of battle, to keep progressing towards a common agreed-upon goal. In other words, the objective stated in the battle plan provides a common point of focus for everyone to move towards, even as the (battle) landscape shifts around them. And the business plan serves the exact same role within a business.

Essential Elements Required In A Financial Advisor Business Plan

Because the reality is that in business – as in battle? – the real world will not likely conform perfectly to an extensively crafted business (or battle) plan written in advance, I am not a fan of crafting an extensively detailed business plan, especially for new advisors just getting started, or even a ‘typical’ solo advisory firm. While it’s valuable to think through all the elements in depth – the process of thinking through a business plan is part of what helps to crystallize the key goals to work towards – as with financial planning itself, the process of planning can actually be more valuable than “the plan” that is written out at the end .

Accordingly, for most financial advisors trying to figure out how to write a business plan, I’m an advocate of crafting a form of “one-page business plan” that captures the essential elements of the business, and provides direction about where to focus, especially focus the time of the advisor-owner in particular. In other words, the purpose for a financial advisor business plan is simply to give clear marching orders towards a clear objective, with clear metrics about what is trying to be achieved along the way, so you know where to focus your own time and energy!

Of course, the reality is that what constitutes the most important goals for an advisory firm – as well as the challenges it must surmount – will vary a lot, depending not just on the nature of the firm, but simply on its size, scope, and business stage. Financial advisors just getting started launching a new RIA face very different business and growth issues than a solo advisor who has been operating for several years but now hit a “wall” in the business , and the challenges of a solo advisor are different than those of a larger firm with multiple partners who need to find alignment in their common business goals. Nonetheless, the core essential elements that any business plan is required to cover are remarkably similar.

Requirements For An Effective Financial Advisor Business Plan

While there are many areas that can potentially be covered, the six core elements that must be considered as the template for a financial advisor business plan are:

6 Required Elements Of A (One Page) Business Plan For Financial Advisors 1) Who will you serve? This is the most basic question of all, but more complex than it may seem at first. The easy answer is “anyone who will pay me”, but in practice I find that one of the most common reasons a new advisor fails is that their initial outreach is so unfocused, there’s absolutely no possibility to gain any momentum over time. In the past, when you could cold-call your way to success by just trying to pump your products on every person who answered the phone until you found a buyer, this might have been feasible. But if you want to get paid for your advice itself, you need to be able to demonstrate your expertise. And since you can’t possibly be an expert at everything for everyone, you have to pick someone for whom you will become a bona fide specialist (which also provides crucial differentiation from other advisors the potential client might choose to work with instead ). In other words, you need to choose what type of niche clientele you’re going to target to differentiate yourself. And notably, this problem isn’t unique to new advisors; many established advisors ultimately hit a wall in their business, in part because it’s so time-consuming trying to be everything to everyone, that they reach their personal capacity in serving clients earlier than they ‘should’. Focusing on a particular clientele – to the point that you can anticipate all of their problems and issues in advance – allows the business to be radically more efficient. So who, really , do you want to serve? 2) What will you do for them? Once you’ve chosen who you will serve, the next task is to figure out what you will actually do for them – in other words, what services will you deliver. The reason it’s necessary to first figure out who you will serve, is that the nature of your target niche clientele may well dictate what kind of services you’re going to provide them; in fact, part of the process of identifying and refining your niche in the first place should be to interview a number of people in your niche , and really find out what they want and need that’s important to them (not just the standard ‘comprehensive financial plan’ that too many advisors deliver in the same undifferentiated manner ). For instance, if you’re really serious about targeting retirees, you might not only provide comprehensive financial planning, but investment management services (for their retirement portfolios), a specific retirement income distribution strategy, assistance with long-term care insurance, and guidance on enrolling in Medicare and making decisions about the timing of when to start Social Security benefits . On the other hand, if you hope to work with entrepreneurs, you might need to form relationships with attorneys and accountants who can help facilitate creating new business entities, and your business model should probably be on a retainer basis, as charging for assets under management may be difficult (as entrepreneurs tend to plow their dollars back into their businesses!). If your goal is to work with new doctors, on the other hand, your advice will probably focus more on career guidance, working down a potential mountain of student debt, and cash flow/budgeting strategies. Ultimately, these adjustments will help to formulate the ongoing client service calendar you might craft to articulate what you’ll do with clients (especially if you plan to work with them on an ongoing basis), and the exact business model of how you’ll get paid (Insurance commissions? Investment commissions? AUM fees? Annual retainers? Monthly retainers ? Hourly fees?). 3) How will you reach them? Once you’ve decided who you want to reach, and what you will do for them, it’s time to figure out how you will reach them – in other words, what will be your process for finding prospective clients you might be able to work with? If you’re targeting a particular niche, who are the centers of influence you want to build relationships with? What publications do they read, where you could write? What conferences do they attend, where you might speak? What organizations are they involved with, where you might also volunteer and get involved? If you’re going to utilize an inbound marketing digital strategy as an advisor , what are the topics you can write about that would draw interest and organic search traffic, and what giveaway will you provide in order to get them to sign up for your mailing list so you can continue to drip market to them? In today’s competitive world, it’s not enough to just launch a firm, hang your (virtual) shingle, and wait for people to walk in off the street or call your office. You need to have a plan about how you will get out there to get started! 4) How will you know if it’s working? Once you’ve set a goal for who you want to serve, what you want to do for them, and how you will reach them, it’s time to figure out how to measure whether it’s working. The caveat for most financial advisory businesses, though, is that measuring outcomes is tough because of the small sample size – in a world where you might have to reach out to dozens of strangers just to find a dozen prospects, and then meet with all those prospects just to get a client or two, it’s hard to tell whether a strategy that nets one extra client in a quarter was really a “better strategy” or just random good luck that won’t repeat. As a result, in practice it’s often better to measure activity than results , especially as a newer advisory firm. In other words, if you think you’ll have to meet 10 Centers Of Influence (COIs) to get introductions to 30 prospects to get 3 clients, then measure whether you’re meeting your activity goals of 10 COIs and 30 prospect meetings, and not necessarily whether you got 2, 3, or 4 clients out of the last stint of efforts. Not that you shouldn’t ultimately have results-oriented goals of clients and revenue as well, but activity is often the easier and more salient item to measure, whether it’s phone calls made, articles written, subscribers added to your drip marketing list, prospect meetings, COI introductions, or something else. So when you’re defining the goals of your business plan, be certain you’re setting both goals for the results you want to achieve, and the key performance indicator (KPI) measures you want to evaluate to regarding your activities along the way? 5) Where will you focus your time in the business? When an advisory firm is getting started, the role of the advisor-as-business-owner is to do “everything” – as the saying goes, you’re both the chief cook and the bottle washer . However, the reality is that the quickest way to failure in an advisory firm is to get so caught up on doing “everything” that you fail to focus on the essential activities necessary to really move the business forward (that’s the whole reason for having a plan to define what those activities are, and a measure to determine whether you’re succeeding at them!). Though in truth, the challenge of needing to focus where you spend your time in the business never ends – as a business grows and evolves, so too does the role of the advisor-owner as the leader, which often means that wherever you spent your time and effort to get your business to this point is not where you need to focus it to keep moving forward from here. From gathering clients as an advisor to learning to transition clients to another advisor, from being responsible for the firm’s business development to hiring a marketing manager, from making investment decisions and executing trades to hiring an investment analyst and trader. By making a proactive decision about where you will spend your time, and also deliberately deciding what you will stop doing, it also becomes feasible to determine what other resources you may need to support you, in order to ensure you’re always spending your time focused on whatever is your highest and best use. In addition, the process can also reveal gaps where you may need to invest into and improve yourself, to take on the responsibilities you haven’t in the past but need to excel at to move forward from here. 6) How must you strengthen the foundation? The point of this section is not about what you must do to achieve the goals you’ve set, but what else needs to be done in the business in order to maximize your ability to make those business goals a reality. In other words, if you’re going to focus your time on its highest and best use in the business, what foundation to you need to support you to make that happen? If you’re a startup advisory firm, what business entity do you need to create, what are the tools/technology you’ll need to launch your firm , and what licensing/registrations must you complete? Will you operate with a ‘traditional’ office or from a home office , or run an entirely virtual “location-independent” advisory firm ? What are the expenses you’re budgeting to operate the business? If you’re an advisor who’s hit a growth wall , what are the essential hire(s) you’ll make in the near future where/how else will you reinvest to get over the wall and keep moving forward? At the most basic level, the key point here is that if you’re going to execute on this business plan to move the business forward from here, you need a sound foundation to build upon – so what do you need to do to shore up your foundation, so you can keep building? But remember, the goal here is to do what is necessary to move forward, not everything ; as with so much in the business, waiting until perfection may mean nothing gets done at all.

Creating A Budget And Financial Projections For Your Advisory Business

In addition to crafting a (one-page) financial planner business plan, the second step to your business planning process should be crafting a budget or financial projection for your business for the upcoming year (or possibly out 2-3 years).

Key areas to cover in budget projections for a financial advisory firm are:

Revenue - What are the revenue source(s) of your business, and realistically what revenue can you grow in the coming year(s)? - If you have several types of revenue, what are you goals and targets for each? How many hourly clients? How much in retainers? How much in AUM fees? What commission-based products do you plan to sell, and in what amounts? Expenses - What are the core expenses to operate the business on an ongoing basis? (E.g., ongoing salary or office space overhead, core technology you need to operate the business, etc.) - What are the one-time expenses you may need to contend with this year? (Whether start-up expenses to launch your advisory firm , new hires to add, significant one-time projects to complete, etc.)

An ongoing advisory firm may project out for the next 1-3 years, while a newer advisors firm may even prefer a more granular month-by-month budget projection to have regular targets to assess.

Ultimately, the purpose of the budgeting process here is two-fold. The first reason for doing so is simply to have an understanding of the prospective expenses to operate the business, so you can understand if you do hit your goals, what the potential income and profits of the business will be (and/or whether you need to make any changes, if the business projections aren’t viable!). The second reason is that by setting a budget, for both expenses and revenue, you not only set targets for what you will spend in the business to track on track, but you have revenue goals to be held accountable to in trying to assess whether the business is succeeding as planned.

Vetting Your Business Plan By Soliciting Constructive Criticism And Feedback

The last essential step of crafting an effective financial planner business plan is to vet it – by soliciting feedback and constructive criticism about the gaps and holes. Are there aspects of the financial projections that seem unrealistic? Is the target of who the business will serve narrow and specific enough to be differentiated, such that the person you’re talking to would clearly know who is appropriate to refer to you? Are the services that will be offered truly unique and relevant to that target clientele, and priced in a manner that’s realistically affordable and valuable to them?

In terms of who should help to vet your financial advisor business plan, most seem to get their plan vetted by talking to a business coach or consultant to assess the plan. While that’s certainly a reasonable path, another option is actually to take the business plan to fellow advisors to vet, particularly if you’re part of an advisor study (or “mastermind”) group ; the reason is that not only do fellow advisors have an intimate understanding of the business and potential challenges, but if their target clientele is different than yours, it becomes an opportunity to explain what you do and create the potential for future referrals! In other words, “asking for advice on your business plan” also becomes a great opportunity to “tell you about who I work with in my business that you could refer to me” as well! (In fact, one of the great virtues of a clearly defined niche practice as an advisor is that you can generate referrals from other advisors who have a different niche than yours !)

Similarly, the reality is that another great potential source for feedback about your business plan are Centers of Influence already in your niche in the first place. While you might not share with your potential clients the details of your business financial projections (which is why I advocate that those be separate from the one-page business plan), the essential aspects of the business plan – who you will serve, what you will provide them, how you will charge, and how you will try to reach them – is an area that the target clientele themselves may be best positioned to provide constructive feedback. And in the process, once again you’ll effectively be explaining exactly what your niche business does to target clientele who could either do business with you directly, or refer business to you , even as you’re asking for their advice about how to make the business better (to serve people just like them!). So whether it’s people you’re not yet doing business with but want to, or an existing client advisory board with whom you want to go deeper, vetting your plan with prospective and current clients is an excellent opportunity to talk about and promote your business, even as you’re going through the process of refining it and making it better!

And notably, the other benefit of vetting your business plan with others – whether it’s a coach, colleague, prospects, or clients – is that the process of talking through the business plan and goals with them also implicitly commits to them that you plan to act on the plan and really do what’s there. In turn, what this means is that once you’ve publicly and openly committed to the business plan with them, it’s now fair game for them to ask you how it’s going, and whether you’re achieving the goals you set forth for yourself in the plan – an essential point of accountability to help you ensure that you’re following through on and executing the business plan you’ve created!

So what do you think? Have you ever created a formal business plan for yourself? If you have, what worked for you – a longer plan, or a shorter one? If you haven’t created a business plan for yourself, why not? Do you think the kind of one-page financial advisor business plan template articulated here would help? Have you checked out our financial advisor business plan sample template  for yourself? Do you have a financial advisor business plan example you're willing to share in the comments below?

Quality? Nerdy? Relevant?

We really do use your feedback to shape our future content!

August 18, 2015 at 12:42 am

This is perfect. We are in the process of launching an advisory model focused on financial consulting. We have been thinking through the details in a very granular fashion, but being able to summarize the business vertical in one-page that we can also use in roundtable discussions with our best clients, COI’s and Strategic Partners is brilliant. Not only is this template going to help focus our efforts into the essentials for a successful launch for the vertical but provides a good resource through which we can market. Before moving into my role with the firm, I was an advisor and I would have a very detailed and long business plan that assessed my book, I used it for gap analysis and future growth initiatives. I really like the functionality of a short plan, however, because it is dynamic and easily reviewed throughout the year. Thanks!

August 25, 2015 at 2:35 am

You are right about the value of a one page plan – focus, accountability, clarity, the process of planning and focusing time and energy are all great points, and great reasons why every advisors would benefit from a plan. We teach a different version of a one-page strategic plan (that focuses a little more on the metrics) and our clients see the same benefits. A one-page plan makes you more intentional and less reactive. Similar to a financial plan, a one page plan helps you make better strategic decisions. The best thing about the one-page plan is that it is one page. For larger firms I have the team members carry their one page plan to every meeting, it keeps everyone on the “same page”. The other value of a one-page is that it is easy to update, so we teach a quarterly strategic planning rhythm to update the plan, measure progress and make required adjustments. The process keeps your firm moving forward. Great post, thanks for sharing this concept. Kevin Poland http://www.therenaissancegroup.us

August 28, 2015 at 10:11 am

This is just great business advice in general. What resonated with me in particular is “How will you know if it’s working?” It’s important to have goals and metrics to track your progress. Activity is a good place to start in the early days, but soon you will need to move to other metrics like client satisfaction, clients on track to meet goals and AUM. At the same time, you don’t want to drown in a sea of numbers. Although it’s a software related blog post I’d encourage people to read the idea of “One Metric That Matters” to focus your business activity – http://leananalyticsbook.com/one-metric-that-matters/ . Good luck!

September 20, 2015 at 1:09 pm

Great article Michael on a subject that too many business owners do not do. I like the one-page, keep-it-simple, concept. I use a one-page (front & back) strategic plan template- https://gazelles.com/static/resources/tools/en/OPSP.pdf which integrates a lot of Jim Collins concepts. The first page includes many items that once determined (core values, purpose, Big Hairy Audacious Goal, brand promises) which are just repeated each quarter. How to complete the template is the subject of the book “Mastering the Rockefeller Habits” written by Verne Harnish. Here is a review of the book which appeared in Forbes. http://www.forbes.com/sites/scottallison/2012/08/31/mastering-the-rockefeller-habits-how-to-scale-a-hyper-growth-business/

May 30, 2016 at 2:05 am

wow..Nice artical.

If you are looking to apply for a bank/SBA loan, to obtain funding from private investors, to lease a space for your business or to avoid costly mistakes when starting or expanding your business, you would benefit immensely by obtaining a professional Business Plan( http://www.bizplaneasy.com/ )

June 4, 2016 at 8:41 am

Great to read.

Thank you so much for your nice blog.

March 27, 2022 at 6:34 am

In general, this is some great business advice. “How will you know if it’s working?” is one of the points that rang true to me. It’s crucial to have goals and metrics to track your progress. In the early stages, activity can be a good place to start, but soon you’ll need to move on to other metrics, such as client satisfaction, clients on track to meet goals, and AUM. https://newsdayfinancial.com/

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[…] Michael Kitces recently wrote about putting together a one-page business plan: For many advisory firms, a simple “one-page” financial advisor business plan may be the best […]

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