Space requirements:
To work as a financial advisor, you are going to need a decent sized office in your home. The office is going to need to hold a computer desk, a computer, and the many books that you will have on investments, including books on how to get started making investments. Inside the office, you are also going to need to fit a few chairs and a table of some sorts for when you are meeting with clients.

Time requirements:
To be a successful financial advisor you are going to need to put in a lot of time, you are going to need to be committed to making your business work. When you first start out you are probably going to need to put in 50 to 60 hour workweeks, this is so you can build a client base, but also so, you can figure out how things work. Once you have gotten your clients and figured everything out you can probably manage to drop your workweek down to 40 hours a week.

Income potential:
4 - In the beginning, you are not going to be making much money because you are just starting out and gathering clients. Once you have built up your client base you will be able to make money based on either a management fee or a commission, whichever one you choose to base your business on.

Keys to success:

• You are going to need to take the required licensing exams. In order to become a financial advisor you will need to take the Series 7 Stockbroker's Exam, and you will need to take the Series 66 Uniform Combined State Law Exam. In order to pass the exam you will need to get a passing score of 70%. If you do not pass, the exams the first time you take them you can retake them in 30 days.


• This business is very competitive and in order to succeed you are going to need to be determined and dedicated to succeeding. This can be done by studying hard so that you know your information. In order to guide people to making the proper investments you will have to know the difference in investments, plus what the proper investment is going to be.


• You will need to advertise your business. With how competitive the field is, you will want to create a website and other advertising things that will make your business stand out from the rest of the financial advisors. In order to get clients you are going to have to entice those to come check out your business and then offer them something that makes it impossible for them to say no.

• The biggest risk that you have in this business is the market going south. When economic times are tough and the stock market is falling not very many people feel confident in investing because they are afraid they are going to lose their money. In addition, if the stock market does crash customers are going to be unhappy because they will have lost the money that they have already invested.


• Rejection is another risk you face when being a financial advisor. You are trying to sell your services to people, so you need to be prepared for rejection.