How to Start a Successful Financial Business: A Guide for Your First Steps

Julie Starr • July 8, 2022



Are you thinking about starting a business venture related to financial services? You aren’t the only one. The financial services industry is growing rapidly, and new businesses are constantly emerging to meet the rising demand for financial products and services. If you have a passion for helping people manage their money and invest wisely, opening your own financial business might be the perfect opportunity for you. But starting any business can be challenging, especially if it’s in an industry you’re not overly familiar with. To succeed as a financial advisor, consultant, or agent, you’ll need to do your research, plan ahead and follow best practices. This article will help you understand why now is the right time to start your own financial business. Additionally, we will explore the pros and cons of becoming an independent contractor vs. an employee at another company; outline some ideas to consider when choosing what type of business entity is right for you; delve into what kind of licenses and permits you may need to operate your new business, and offer advice on coming up with a name that sticks as well as other branding tips.

Why Now Is the Right Time to Start a Financial Business

For several reasons, the financial services industry has been experiencing rapid growth and high demand for years. Firstly, the population is growing and aging, and more people need financial guidance. Additionally, people are working longer into retirement and therefore have more money to invest. People are also saving more for retirement, which is a great sign. This, in turn, makes it an excellent time to start a financial business and has never been easier. Years ago, a financial advisor who wanted to create their own company would need to get a broker-dealer license. This process was expensive and could take a considerable amount of time. Today, the Securities and Exchange Commission (SEC) has created a new regulatory framework called the Investment Advisor Regulation (IAR) that allows financial advisors to operate as fiduciaries with less administrative overhead. Becoming an IAR-registered advisor is cheaper and easier than obtaining a broker-dealer license, which means more people can start their financial businesses . There is also more competition among financial services providers than ever before — making it more likely that you will be able to attract customers.

Another reason now is a great time to start a financial business is that technology has made it easier to serve your clients. You can provide your clients with financial advice, help them manage their money, and even design a financial plan for them all online — saving you time and money.

The Advantages of Starting a Financial Business

Starting your own financial business has many advantages. First and foremost, it allows you to pursue a career you are passionate about. Many people employed in the financial services industry become tired of working with clients who are struggling financially. Working for yourself, you can work with clients who are where they want to be in life financially and are happy to have your support. You will be able to help people — and make a living doing it — which will make you feel good and give purpose to your work.

Another advantage of starting a financial business is choosing the type of clients you work with. If you are sick of the type of clients that big banks and other financial companies employ, you can choose to work with clients who are similar to you and want the same kind of help that you want to give. You can also choose to work with clients in a different place in life than the ones you worked with when employed. For example, you can work with young people who are just starting out or with retiring people who have many questions about their finances. Another advantage of starting your own financial business is the flexibility it offers. You can set your schedule and decide on your hours. This can be incredibly helpful if you have children or other dependents. You can choose when they need you the most and plan your work accordingly.

The Disadvantages of Starting a Financial Business

There are also a couple of disadvantages to starting your own financial business. First and foremost, it is challenging. Starting a new business is never easy, and you will likely face many challenges. You will need to put a lot of time and effort into marketing your business and getting the word out about who you are and what you do. You will need to spend time on administrative tasks, such as filing paperwork, getting licenses and permits, and ensuring that your company complies with all the necessary regulations and laws. You will need to find clients, which can be difficult if you don’t know where to look, and keep them loyal to your business — a challenge every financial advisor faces. You will also be responsible for paying all your business’s expenses and taxes, which can be costly.

When You Should Not Start a Financial Business

There are a few situations where it is probably not the best idea to start your own financial business. First, if you don’t have any experience in the financial services industry, it might be challenging to get clients and succeed as a financial advisor. This doesn’t mean you shouldn’t try, but having realistic expectations and a backup plan is essential if it takes longer than expected to get your business off the ground. Another situation in which you might not want to open your own financial business is if you don’t have much money to invest. A financial business is an ongoing expense, and it might take a long time to start seeing a return on your investment. It might be better to find a job in the financial industry, where you will get a steady paycheck and only have to worry about investing enough time and energy into your work.

Determine Which Type of Entity is Right for Your Company

There are various types of companies that you can form as the legal entity that houses your financial business. Common business entities include sole proprietorships, partnerships, limited liability companies, and corporations. A financial business is likely to be a sole proprietorship or a block if it is just you running it. Of course, you can also set up an LLC or corporation for your business, but there are a few factors you will want to consider, such as how much money is your company making? What are the risks associated with your business? What legal factors do you want to consider?

Pick Which Licenses and Permits Are Needed for Your Company

Depending on the type of financial services business you decide to open, you will need to obtain various licenses and permits. This is especially important if you provide financial advice and want to protect your clients and yourself from being scammed. You’ll want to research debt and asset-related licenses, investment advisor licenses, general solicitation licenses, etc., to ensure you get the right ones for your business.

Come up with a Company Name and Branding Strategy

When it comes to naming a financial services company , it is imperative to come up with a good name since the name of your company is the first thing people will see when they look at your website or come across you on social media. It will help them decide whether they want to work with you or not. When naming your company, remember the following: 1. Make it memorable, 2. Make it easy to spell, 3. Make it easy to pronounce.

Summing up

Starting a financial business is a challenging undertaking but can be very rewarding. You will be able to help people manage their money, set up financial plans, and build wealth through wise investing and saving decisions. The first step to starting your own business is to assess if the financial services industry is right for you and if you are prepared for the challenges of running a business. Next, you will need to choose which type of business entity will work best for your company. Finally, you will need to obtain the necessary licenses and permits, develop a company name, and develop a branding strategy to help your clients know who you are and trust you as their financial advisor.

The financial services industry is growing rapidly, and new businesses are constantly emerging to meet the rising demand for financial products and services. If you have a passion for helping people manage their money and invest wisely, opening your own financial business might be the perfect opportunity for you.

5 Everyday Items That Can Quietly Boost Your Brand

By Julie Starr • July 17, 2025
The best branding doesn’t always come from big campaigns or expensive graphics. Sometimes it’s the smaller stuff that leaves the biggest impression. Things people actually use, touch, or carry with them. That’s where your brand can quietly make its mark without needing to shout about it. If you’re only focusing on social media and business cards, you’re leaving a lot on the table. Here are five overlooked ways to get your name out there that feel natural, useful, and more personal. Thank-you slips If you’re already sending out orders, there’s no reason not to include a short thank-you slip. You can easily get these made through any decent online print shop , and they’re usually pretty cheap to run off in small batches. Just a simple note that says thanks, maybe with a reminder to follow you online or a cheeky discount code for next time. It’s quick, thoughtful, and makes the whole order feel more finished. Customers notice that kind of detail, especially when everything else they buy online comes with zero personality. You don’t need a complicated design either. Just something clean with your logo, a message that sounds like you, and maybe a social handle. The point is to give them a reason to come back or remember your name without it feeling forced. Branded zip pouches If you sell physical products, offer services, or run events, small zip pouches are surprisingly effective. Think of the kind you’d use for stationery, receipts, or travel bits. You can get your brand printed on the side and hand them out with purchases or include them in welcome packs. People keep them because they’re actually useful. They get tossed in handbags, school bags, or glove boxes and your logo just keeps turning up. Cleaning cloths for glasses or screens This one works brilliantly if you’re in tech, health, beauty, or anything involving screens or eyewear. A simple microfibre cloth with your branding on it can go a long way. Everyone needs one. Whether they use it for glasses, a phone screen, or their laptop, it’s something they hang onto. It’s not the kind of thing people throw away, and that means your name sticks around too. Receipt envelopes You might already use little envelopes to hand over receipts or business cards. Branding those envelopes is a small change that makes a big difference. Instead of someone getting a scruffy bit of paper in a plain sleeve, they’re handed something that feels a bit more finished. You can even add a message inside. Doesn’t need to be anything dramatic. A simple “thanks for visiting” or “see you next time” is enough to add a personal touch. Wet wipes or mini hand gels If your business is in hospitality, food, or anything hands-on, branded wet wipes or pocket-sized hand gels are surprisingly popular. People actually use them, especially at festivals, food stalls, pop-ups, or kids’ events. They end up in handbags or cars and stick around longer than you think. They don’t scream “marketing” either. They’re practical, and when done right, they make your business feel thoughtful. That’s what good branding does, it shows you’ve thought ahead.

How Student-Led ‘Energy Audits’ Are Cutting School Costs (and Lighting the Way Forward)

By Julie Starr • July 14, 2025
What happens when students stop waiting for adults to fix things and start conducting their own energy audits? Money gets saved. The lights get switched off. Data gets analyzed. And a quiet revolution in sustainability begins—inside schools that once overlooked their own inefficiencies. Across the globe, student-led energy audits are proving that change doesn't always need to come from a policy shift or a major capital budget. Sometimes, it begins with a clipboard, a spreadsheet, and a group of curious minds asking: Why are the hallway lights on at noon when sunlight floods the building? The Energy Detectives These audits aren’t science fair projects. They’re rigorous investigations, often done in collaboration with facilities staff, local environmental nonprofits, or even engineering mentors. Students go from classroom to classroom measuring electricity usage, checking for phantom loads , and identifying where heat is escaping in winter or air conditioning is leaking in summer. One high school in Ontario saved over $12,000 a year after its Grade 11 physics students ran an energy audit and suggested simple changes—LED upgrades, motion sensors in bathrooms, and smarter heating schedules. They didn’t just propose ideas. They pitched them with spreadsheets, thermal images, and payback timelines. It worked. Learning That Pays Off—Literally Unlike textbook learning, these audits blend real-world math, environmental science, economics, and persuasive communication. Students aren’t just learning about sustainability. They’re doing it. And the savings add up. From dimming overlit hallways to reprogramming HVAC systems that run all weekend for empty buildings, students are surfacing blind spots that administrators often overlook. In some districts, their findings are influencing energy policy. Elsewhere, the audits have inspired school boards to hire sustainability coordinators—often alumni of the student programs themselves. There’s something poetic about a school funding new books or laptops from money saved by students who found out the vending machines didn’t need to be plugged in 24/7. Why This Matters More Than Ever With education budgets tightening and utility costs rising, every dollar saved is a dollar that can go back into classrooms. And here’s where it gets interesting from a family finance perspective, too. If you’re a parent setting aside money for post-secondary savings, every bit of school efficiency helps. Fewer energy costs might mean more programming, better STEM facilities, or even bursaries. That raises a broader point: when families save for their children’s future, they often look into RESPs (Registered Education Savings Plans). And many wonder—is a RESP deduction available on my taxes? While contributions themselves aren’t deductible, the gains grow tax-free, and students often pay little to no tax when they withdraw the funds during school. A Movement Worth Replicating These audits aren’t just an exercise in environmentalism. They’re leadership labs. Students learn how to spot inefficiencies, speak up in board meetings, and make a business case for change. They don’t just flip switches—they shift mindsets. And they carry these habits into adulthood. The result? A generation growing up not only with climate anxiety, but also with tools to tackle it.