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  • #986632
    Simon1990
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    Hi all my name is simon and I’m new here. I’m 24 and hav been working for a financial institution for 5 years, I am now an assistant manager but unfortunately due to a medical issue I’ve been forced to take 12 months off work. I am looking to start up a small home based financial advisory service, basic savings plans, debt repayment plans, investment planning, bank fee reduction, ECT. I have all the qualifications required and have an abn. Only thing I’m not sure about is if there will be a market for me. I’m not going to charge much at all, just wanting to help people and make some spare change In the process. Looking to try and be a cheaper option than a financial planner and basically just work through people’s financial issues or questions. I’d love to know what people think, from what I can see it’s not really something done before but something I’m very comfortable helping people with, please give your feedback I’d love to know what you honestly think, thanks Simon

    #1158803
    Hobidi Bob
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    • Total posts: 43
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    Hey Simon,

    I think it would be a great idea. what city/state are you from? Sorry to hear about your health.

    #1158804
    Simon1990
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    Hobidi Bob, post: 183068 wrote:
    Hey Simon,

    I think it would be a great idea. what city/state are you from? Sorry to hear about your health.

    Thanks bob, I’m in Tasmania , but I could even offer my services phone based or online through email ECT, to reach out to the wider Australia.
    My health isn’t too bad I’m young and fit just need a good rest I’ll be okay :) but I’ll be going nuts if I can’t do some type of work so I’m really hoping there is a market for me out there :)

    #1158805
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi Simon,

    Wishing you a big welcome to Flying Solo, and a speedy recovery!

    Sounds like a good way to earn some pocket money. I think there are a lot of people who would appreciate a reasonable flat-fee service with some clear outcomes.

    Best of luck and keep us posted. :)

    Dave

    #1158806
    Tony Manto
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    Hi Simon, good on you for having a go. I would go nuts myself sitting at home.

    Probably the best way to get to the masses easily is to look for groups and clubs. That way you can reach more people in less time.

    Look up http://www.meet up.com.

    This is a site where you can find many groups not only in you state, but all over the world in fact. Try your rotary clubs, toastmaster clubs any sports clubs.

    You could also have a look around for any networking clubs.

    Have you considered a website?

    If some I can make a couple of recommendations if you like.

    #1158807
    No Limits
    Member
    • Total posts: 44
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    HI Simon,

    Good on you for wanting to help.
    There’s definitely a massive market for your services.
    Having potential clients find and trust you is the thing you’ll need to figure out in my opinion.

    No Limits

    #1158808
    MissSassy
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    Hi Simon

    Try completing a feasibility study to see if you can create something that people will want for the long term.

    Small business often takes longer to grow than you expect so it is not always a short term solution.

    Best wishes with your planning

    #1158809
    Recovery Russ
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    There is definitely a market for that kind of service. I deal with them everyday from the “otherside”. I’m always stoked when one of my client’s debtor’s has hired a budget adviser or financial planner or similar service in relation to their debt as for one it makes my job easy because I know that their adviser has worked out how they can sort out their debt the fastest, and secondly all the stress and anxiety from the debtor is gone as they know that they already have a plan for their finances and the portion of their life consumed by “the unknown” is much much smaller.

    My feeling is that those type of people would value face to face interaction much much higher than anything online or over the phone.

    #1158810
    Simon1990
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    • Total posts: 3
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    Thank you all for your thoughts and advice, all very positive and helpful, so thank you all. I shall start working on a business plan and work out some marketing, do you think it is worth spending a small amount through vistaprint for business cards, flyers ECT or would you wait and see if things kick off first.. Cheers simon

    #1158811
    Andrew Newman
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    Simon1990, post: 183065 wrote:
    I am looking to start up a small home based financial advisory service, basic savings plans, debt repayment plans, investment planning, bank fee reduction, ECT.

    Hi Simon

    Hope your medical situation improves soon.

    You need to determine if you will you be providing a “financial service”. Check the ASIC website for more information.

    If you do provide a “financial service”, you will need to consider whether you hold an AFS licence or hold an authorisation through a licensee.

    Generally speaking, investment planning would be considered a “financial service”. Holding an authorisation through a licensee is not cheap and there is also Professional Indemnity Insurance.

    Kind Regards

    #1158812
    alliedib
    Member
    • Total posts: 453
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    Andrew Newman, post: 183719 wrote:
    You need to determine if you will you be providing a “financial service”. Check the ASIC website for more information.

    If you do provide a “financial service”, you will need to consider whether you hold an AFS licence or hold an authorisation through a licensee.

    Hi Simon,

    +1 to this. Although you are only doing it on a small scale you want to make sure you are doing it legally – you don’t want ASIC after you (especially as you are currently working in the financial sector).

    I have a rural counselling service as a client and they do a great job – you might want to see if there is a grant you can get as a startup so that a lot of the expenses (marketing / insurance – Professional Indemnity for a financial counsellor is not necessarily cheap but is necessary / phone) can be covered.

    Good luck with it – would love to know how you go with it all.

    Regards,

    Mark

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