A Financial Advisor is a Great Home Business Opportunity!

A Home Business Article Contributed by Elizabeth Fox-Wise

The Need for Financial Advisors Opens Another Door for a Home Business Opportunity.

77 Million Baby Boomers Need the help of a financial advisor to prepare for retirement, is this the home business opportunity for you?

Have you ever asked yourself, will I have the money I need to live on when I get older? Will I ever be able to retire? You are not alone! Millions of Americans are asking this question every day. Financial hotlines are getting asked these questions dozens of times a day from everyone from millionaires to the financially destitute.

To further this concern for most of the 77 million members of America's boom generation, Alan Greenspan gave an ominous warnings about the Social Security system needing "reform". Financial planners say, Baby Boomers are saving just one third of what they'll need to retire comfortably.

Can All of This Worry Translate to a Lucrative Home Business Opportunity?

As a result of these current and coming trends, many people have an urgent need for, and are seeking, knowledgeable and objective professional financial advice. Baby boomers are asking for advice. And while financial planning used to be a service used primarily by the wealthy; financial planners are now serving middle class clients, too. This relationship is most often initiated during a time of major change in your client's life, like a marriage, a promotion or a death in the family.

While insurance companies and some other major corporations are marketing financial planning services, the field of financial planning is still mainly populated by independent practitioners. Making it a wonderful field wide open for a home business opportunity.

Who Can be Successful with Financial Advisory As a Home Business Opportunity?

People with a background in accounting, law, insurance or banking obviously will have an advantage turning financial advisory into a home business opportunity, because they typically have some knowledge of financial planning and financial products. However, the key characteristics needed for success with this field as a home business opportunity, regardless of your background, are these:

The willingness to develop technical expertise and be a constantly seeking information because you must stay informed to keep up with this changing field and learn be a trend spotter for your clients.

Excellent listening skills.

Good People skills and the ability to initiate and maintain long term client relationships

Personal trustworthiness and the ability to convey that to potential clients.

You will also need credentials because almost all states, and definitely the federal government, regulates what financial planners do.

Because Financial Advising is a personal service, the key to building a successful practice involves generating referrals from professionals such as lawyers and accountants and, later, testimonials from satisfied clients. Face-to-face networking within organizations and participating in business referral organizations are also great ways to jump-start a new practice.

If taking advantage of a home business opportunity through doing financial advising interests you, you can begin your research by reviewing the information available at the Web site (www.business.net) of the Certified Financial Planner Board of Standards.