Secrets to Surviving Your First Year as a Firm Owner
On-Demand Event
Anyone who has launched their own financial planning firm will tell you it's no small feat. But the challenge doesn't need to feel insurmountable. There are plenty of advisors who have successfully set off on their own and lived to tell the tale.
Learn the tricks of the trade from two of those advisors—XYPN membersAshley Coake and Michael Mustian—as they share how they came to be successful firm owners and how they continue to drive success in their practices today.
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1:00:08
Intros
Firm backgrounds
Motivations for starting your firm
Legal structure of your firm
Compliance and initial registration process
First Year Tip: Compliance
Fee structures
First Year Tip: Fees
Finding or transitioning clients
Impact of CFP designation
Marketing plans
Side hustles
Handling rejection
Contingency plans
Hours allocated to building firm
Marketing tools
First year budget
Mentors
Good investments in year one
Favorite software
Accountability groups
Time management insights
Accounting software or accountants
Hindsights after the first year
Words of Wisdom
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