Man works on his computer

How to Create a Financial Advisor Business Plan That Works

If you don’t know where your business is headed, how will it get there? Whether you’re part of a firm or a one-person operation looking to grow, a business plan can help guide and keep you accountable.

Below, we outline the key elements to include in your financial advisor business plan and three steps for planning success.

What to Include in a Wealth Management Business Plan

An executive summary: This is your extended elevator pitch — it should be direct, attention-grabbing and enticing. Include your mission, the business opportunity and a brief overview of the remaining sections in the plan. Think of your executive summary an all-encompassing section that could stand alone.

Your business model: What are your products and services? And who are you providing these services to? Retirees, entrepreneurs, physicians, growing families? Describe how your offerings take advantage of your stated business opportunity. This is also where you’ll cover your pricing structure and whether it includes commissions, retainers and/or fees.

Your financial plan: Start with your current budget, then move on to your future projections. Don’t be overzealous, but instead aim for a realistic financial analysis — just like what you’ll teach your clients to do! You’ll need to outline your expected revenue sources and goals, and your expenses, including start-up costs, office space, equipment, continuing education and staffing. Farm Bureau covers many expenses for its financial advisors, such as office space (rent, utilities and furniture), technology (computer, printer and software) and a range of operating expenses, making it easy for advisors to create a financial plan that’s achievable and sustainable.

Marketing and sales strategies: You’ve determined your target demographic (and no, “everyone” isn’t the right answer). Next is to identify how you will reach them. Will you rely on online marketing, including social media and email newsletters? What about organically embedding yourself in the community? Build out your plan to earn and maintain customer loyalty. Farm Bureau’s in-house marketing teams provide a wide array of support to advisors, including a customizable advisor website that’s updated with timely blog content and turnkey marketing programs and materials — from advertising to marketing collateral.

SWOT analysis: The strength, weakness, opportunity and threat (SWOT) analysis should be one of the first exercises you complete as part of your wealth management business plan. This exercise is fundamental to carefully think through your business potential now and in the future. Farm Bureau Wealth Management Advisors tap into a powerful “strength” right from the start: a built-in network of trusted client relationships spanning 14 states and including more than 1,700 agents working with 540,000 clients.

3 Tips to Write Your Financial Advisor Business Plan

1. Keep It Short

Thorough is good, but avoid writing a dissertation. Your objective is to succinctly and effectively explain your mission, business model and financial plan. If you cannot concisely communicate these ideas for your wealth management business plan, continue revising it until you can.

2. Rely on Your Farm Bureau Wealth Management Team

At Farm Bureau, you have a built-in support team to help you reach your goals. Ask your mentors and fellow Wealth Management Advisors to provide feedback and constructive criticism. Rely on those with more and different experience to help point out areas for improvement, like if your one-year financial projections seem a bit unrealistic or if you should consider more cross-selling opportunities.

3. Treat It as a Living Document

Don’t put hours and hours of work into your financial advisor business plan only to forget about it after a couple months. To start, block off time on your calendar every quarter to review your plan. After all, your company’s prosperity depends on it. You may reach your goals more quickly than you anticipated — then it’s time to plan for bigger and better things.

Support for Your Success

Farm Bureau maintains a culture of support — whether it’s your first day or you’ve been part of the Farm Bureau team for decades — so your business can achieve its goals. Connect with us to learn more about the opportunities you’ll have as a Farm Bureau Wealth Management Advisor.