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.

Workplace Care as a Reflection of Business Integrity and Sustainability Values

By Julie Starr • May 15, 2025
There are several powerful reasons why you might want to make sure you are taking good care of your place of business . For one thing, it is often going to mean that you are much more likely to give off a good first impression to people, and that can be really powerful and important from a marketing point of view and as branding. But it’s also about making sure your people have a good place to work, and doing all you can to keep that the case. This is going to be hugely important for your workforce and therefore the future of your business. Given that, what are some of the things that you should make sure you are thinking about here? In this post, we are going to discuss some of the main ways to take good care of your place of business. If you are bearing in mind at least some of the following, you should find that this is much more likely to succeed. Let’s take a look. Cleanliness Is Vital If you want to make sure that your place of work is as good as can be, one of the main things you’ll want to look into is cleanliness. Keeping the place clean is the kind of thing that is both really simple and yet hugely powerful, and it’s vital to make sure that you are doing all you can to really make this work. So it’s something you are certainly going to want to think about if you are keen on making sure your place of business is working as well as it should. This is also about making a good first impression, and if your place of business is clean that is definitely going to be much easier to make sure of. So if you are doing that, you can be certain that your place of business is going to be so much better all in all. Routine Maintenance This is another vital thing that is going to make things a lot easier in the workplace. If you are able to keep the maintenance of your place of business under wraps, that is going to really help a lot, and it’s going to mean that you are so much more likely to be able to keep your business itself credible as well. The fact is that good maintenance, and especially having a strong routine for your maintenance, will help you in voiding most of the headaches that you are otherwise going to come up against. So this really is a hugely important concern that you need to be aware of. Small things like leaky faucets can add up to be huge problems if you are not careful, so it’s vital to make sure that you are doing all you can to avoid these sorts of issues. It’s all about checking routeinly and making sure that there is someone in charge who can really help and do what is needed. If you can do that, it really will make a huge difference to the business itself. Keep The Exterior Tidy You should also make sure you are thinking about the exterior of the building, and that you are doing all you can to try and keep this as tidy as possible. If you are able to do that, it’s the kind of thing that is really going to make a world of difference to what people think of your business, so that is something that you should certainly focus on here. Keeping the exterior tidy can be made easier with use of an edger for any grass edges, as well as making sure that you are keeping the whole place weed-free. These are the sorts of things that really help. It also means checking the outside of the building, to see whether you might need to install a new sign or whether the exterior just needs a clean. These are the kinds of things that really make a huge difference to how people perceive the business, so it’s vital to make sure that you are aware of this. Safety First Throughout all of this, you need to remember that your business needs to focus on safety above all. So everything you do in the place of business should take this into account, and you need to make sure that you are aware of some of the ways in which you can make this a reality. If you can do that, it really is going to help. At its core, taking care of your place of business isn’t just about operations—it’s a reflection of the values you embody as a brand. A clean, safe, and well-maintained space communicates respect for your employees, pride in your work, and a commitment to long-term stewardship. These are also foundational principles of sustainability. At Taiga Company, we help businesses translate those principles into clear, engaging communications , supporting internal alignment, external brand trust, and stakeholder engagement around sustainability and workplace integrity.

Can AI Support Environmental Sustainability? 5 Ways It's Already Making an Impact

By Julie Starr • May 12, 2025
As conversations about artificial intelligence (AI) evolve from hype to implementation, many sustainability professionals are beginning to ask: Can AI actually support environmental goals—or is it just another tech distraction? At Taiga Company, we believe this is exactly the right kind of question. New tools should be approached with thoughtful inquiry and grounded optimism. While there’s plenty of noise in the AI space, we’re also seeing early signals that AI, when applied responsibly, may offer significant benefits in advancing sustainability strategies. Below are five science-backed ways AI is already being used to support environmental sustainability—with links to explore the data behind each. 1. Optimizing Energy Use and Efficiency AI can analyze and forecast energy needs, detect inefficiencies in real time, and automate building and grid-level energy decisions. Google, for example, used DeepMind’s AI to reduce the energy used for cooling its data centers by 40% —a significant operational and environmental win. 2. Enhancing Climate Modeling and Prediction AI improves the accuracy and speed of climate models by processing vast datasets (like satellite data and atmospheric readings) faster than traditional tools. This can help scientists and policymakers better anticipate extreme weather, sea level rise, and other climate-related risks. 3. Enabling Smarter Agriculture and Resource Use In agriculture , AI supports precision farming—using data to guide decisions around water use, fertilizers, and pest management. These tools can reduce resource consumption and emissions while supporting food security. 4. Accelerating Circular Economy and Waste Reduction AI is being used to automate waste sorting, track materials through supply chains, and improve transparency around recycling and reuse. These innovations support circular economy goals and help reduce landfill and emissions. 5. Monitoring Ecosystems and Biodiversity AI-powered sensors, drones, and satellites can track deforestation, monitor endangered species, and even detect illegal activity in protected areas—helping conservation efforts scale more efficiently. What This Means for Corporate Sustainability For corporate sustainability leaders, these examples show that AI is not a magic solution—but it might be a valuable tool in the toolkit. Like any technology, its value depends on how it’s implemented, what data it's trained on, and whether it’s integrated with strategic goals. This is where communications plays a vital role. At Taiga Company, we help organizations articulate how technologies like AI fit into their broader environmental and business commitments. Whether through thought leadership, stakeholder education, reporting language, or digital engagement, our communications support helps make new tools understandable, actionable, and credible. We focus on: – Translating complex innovation into clear, values-aligned messaging – Engaging internal and external stakeholders on their learning journey – Showcasing measurable impact while aligning with evolving standards and frameworks – Sharing best practices in a way that encourages collaboration and informed adoption AI is not just a technology story—it’s a communication opportunity. It invites sustainability leaders to educate, inspire, and engage stakeholders around how they are navigating this next chapter.