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Business advice for financial planning start-ups

Thinking of starting your own financial planning business?

With the recent pensions freedoms and other legislative changes creating greater complexity around pensions, tax and general financial planning, the consensus is that the next ten years and more are likely to be a boom time for financial advisers. This and the attraction of owning your own company, mean that whether you’re a seasoned adviser looking to go it alone or a newcomer to the industry, the prospect of starting up your own financial advisory firm can look appealing. One thing is for certain, there is always room for a quality business in the market.

However, building a business from scratch is no mean feat and the ever-increasing costs and changing regulatory landscape can make it an uphill struggle. Careful planning, research and determination are all key ingredients to building a successful business, and failing to plan could, quite literally, be planning to fail.

So from clients to costs, what are the key things you need to consider if you’re looking to establish your own firm? We asked successful financial planning business owners for the advice they would give to a start-up firm.

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