Three Lessons from My First Year as an Independent Financial Planner
Word Count: 432 | Estimated Reading Time: 3 minutes
Starting your own business is a rewarding but challenging journey. After my first full year as an independent financial planner, I’ve distilled three critical lessons that shaped my services and business strategy. These insights can help other entrepreneurs build a strong foundation and better serve their clients.
1. The Underrated Power of Good Record Keeping
Record keeping is often overlooked but is vital for any successful business. It includes:
Bookkeeping and tax documents
Client relationship management (CRM) systems
Notes from client and vendor meetings
Compliance paperwork for industry regulations
Tracking crypto wallet holdings
My philosophy is influenced by biopharma industry practices, keeping records attributable, legible, contemporaneous, original, and accurate (ALCOA). Automating documentation helps reduce overhead but maintaining quality ensures regulatory compliance, better business decisions, and efficient onboarding of any team members.
2. Handling Business with Friends and Family
Working with friends and family in business can get complicated. Yet, when done right, it strengthens relationships and builds community. The key is clear communication from the start; acknowledge the friendship first and always prioritize it over business. To avoid conflicts of interest, I steer clear of commission-based products and focus on transparent, value-driven advice.
Tip: Always ensure your friends and family clients get honest, unbiased service, and be prepared to let go of the business if it threatens the relationship.
3. Marketing is Key to Growing Your Small Business
No matter how expert you are in your business, marketing is necessary to reach clients. I learned to view leads in four types: warm or cold, and one-on-one or one-to-many communication. My marketing mix includes:
Sharing free, high-quality educational content
Attending community events and networking locally
Experimenting with online ads (though this requires patience, as results can take months)
Commitment and consistency in marketing build trust and visibility, essential for long-term growth.
Conclusion
Success in business comes from learning, adapting, and staying focused. These key lessons, strong record keeping, clear communication with friends and family, and consistent marketing, have shaped my journey and can help you build a trusted, growing business. Ready to take your business to the next level? Schedule your free small business consultation today
