sample business plan for wealth management

Wealth Management Business Plan Template

Written by Dave Lavinsky

Wealth Management Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their wealth management companies. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a wealth management business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Wealth Management Business Plan?

A business plan provides a snapshot of your wealth management business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Wealth Management Firm

If you’re looking to start a wealth management business or grow your existing wealth management company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your wealth management business to improve your chances of success. Your wealth management business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Wealth Management Businesses

With regard to funding, the main sources of funding for a wealth management business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for wealth management companies.

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How to write a business plan for a wealth management business.

If you want to start a wealth management business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your wealth management business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of wealth management business you are running and the status. For example, are you a startup, do you have a wealth management business that you would like to grow, or are you operating a franchise of wealth management businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the wealth management industry.
• Discuss the type of wealth management business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of wealth management business you are operating.

For example, you might specialize in one of the following types of wealth management businesses:

• Personal Financial Planning and Advice: As the most common form of wealth management, this type of advisory service includes an assessment of financial needs and decisions on investments.
• Asset Management and Allocation: This type of wealth management business assists with maximizing and protecting wealth over the long-term.
• Estate Planning: Wealth management advisory services include oversight of assets, investing for the future and protecting assets.
• Tax Accounting: A tax accounting wealth management advisor oversees all assets and tax preparation, filings, estimates and other tax-related business items.

In addition to explaining the type of wealth management business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients, the total portfolio assets managed, reaching X number of wealth management referrals, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the wealth management industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the wealth management industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your wealth management business plan:

• How big is the wealth management industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your wealth management business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your wealth management business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, corporations, foundations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of wealth management business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, include a discussion of the ages, locations, occupations and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other wealth management businesses.

Indirect competitors are other options that customers may use that aren’t directly competing with your service. This includes tax accountants, online wealth-building services, and stock brokers. You need to mention such competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them, such as

• What types of customers do they serve?
• What type of wealth management business are they?
• What is their pricing (premium, low, etc.)?
• Do they offer any unique or special values for customers?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for family trust management?
• Will you offer management services that your competition doesn’t?
• Will you provide better customer service than those of your competitors?
• Will you offer packaged services for corporations?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a wealth management business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of wealth management company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide free initial consultations, guaranteed profits on certain assets, or yearly analysis at low to no cost?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your wealth management company. Document where your company is situated and mention how the site will impact your success. For example, is your wealth management business located in an upper socioeconomic location? Does your business offer amenities for special clients, such as season tickets to venues of their choice? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your wealth management marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in wealth-building periodicals
• Reach out to individuals via personal referrals
• Offer introductory meetings to corporations
• Engage in email marketing by blogging in a Q & A section
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your wealth management business, including answering calls, setting appointments, planning and providing services, billing clients, managing and maintaining accounts, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth new client, or when you hope to reach $X in revenue. It could also be when you expect to expand your wealth management business to a new city.

Management Team

To demonstrate your wealth management business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing wealth management businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a wealth management business or successfully running a small brokerage firm.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you book 5 wealth management clients per week and offer on-site monthly advisory services for corporations? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your wealth management business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a wealth management business:

• Cost of advisory online access to investment information
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted clients you serve.

Writing a business plan for your wealth management business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the wealth management industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful wealth management business.

Wealth Management Business Plan FAQs

What is the easiest way to complete my wealth management business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your wealth management company business plan.

How Do You Start a Wealth Management Business?

Starting a Wealth Management business is easy with these 14 steps:

• Choose the Name for Your Wealth Management Business
• Create Your Wealth Management Business Plan
• Choose the Legal Structure for Your Wealth Management Business
• Secure Startup Funding for Your Wealth Management Business (If Needed)
• Secure a Location for Your Business
• Register Your Wealth Management Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Wealth Management Business
• Buy or Lease the Right Wealth Management Business Equipment
• Develop Your Wealth Management Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Wealth Management Business
• Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

Don’t you wish there was a faster, easier way to finish your Wealth Management business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan services can give you a winning business plan.

Other Helpful Business Plan Articles & Templates

Wealth Management Business Plan Template

Written by Dave Lavinsky

Wealth Management Business Plan

You’ve come to the right place to create your Wealth Management business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Wealth Management companies.

Below is a template to help you create each section of your Wealth Management business plan.

Executive Summary

Business overview.

Ellis Wealth Management is a new wealth management firm located in Seattle, Washington. Our mission is to help the residents of Seattle create a financially sound future and achieve all their financial goals. We plan to do this by offering a wide range of wealth management services, including financial planning, estate planning, and retirement planning. We are a client-focused firm that is dedicated to helping our clients make all their dreams come true.

Ellis Wealth Management’s most valuable asset is the expertise and experience of its founder, Jared Ellis. Jared has been a certified financial advisor for the past 20 years. Throughout his career, he has developed a loyal client base, and many clients have stated that they will switch to Ellis Wealth Management once the company is established and running. Jared’s combination of skills, financial knowledge, and loyal following will ensure Ellis Wealth Management’s success.

Product Offering

Ellis Wealth Management will provide wealth management services to the residents of Seattle. These services will include financial planning, asset management, estate planning, and retirement planning. Ellis Wealth Management will prioritize client relationships and will hire a full-time assistant who will be dedicated to answering client questions and drafting newsletters and other communications.

The founder, Jared Ellis, will also focus on answering his clientele’s needs. In addition to newsletters and email updates, Jared Ellis will hold seminars on financial strategies and investment presentations for his clients.

Customer Focus

Ellis Wealth Management will serve the affluent and middle-class residents of Seattle and the surrounding areas. The area has a large demographic of residents with disposable income who are interested in managing their wealth and finances better. They have diverse needs, from needing to better manage their assets to planning their wills and estates. We will provide a wide range of wealth management services to serve this diverse demographic.

Management Team

Success factors.

Ellis Wealth Management will be able to achieve success by offering the following competitive advantages:

• Location: Ellis Wealth Management’s location is near the center of town, in the financial district of the city. It’s visible from the street with many working professionals walking to and from work on a daily basis; giving passersby a direct look at our firm, most of which are part of our target market.
• Client-oriented service: Ellis Wealth Management will have a full-time assistant to primarily keep in contact with clients and answer their everyday questions. Jared Ellis realizes the importance of accessibility to his clients, and will further keep in touch with his clients through monthly presentations, seminars, and updates per email and newsletters.
• Management: Jared has been extremely successful working in the financial services sector and will be able to use his previous experience to grant his clients detailed insight into the financial world. His unique qualifications will serve customers in a much more sophisticated manner than Ellis Wealth Management’s competitors.
• Relationships: Having lived in the community for 25 years, Jared Ellis knows many of the local leaders, newspapers and other influences. Furthermore, he will be able to draw from his ties to the community in order to build up a heavy asset base in a short amount of time.

Financial Highlights

Ellis Wealth Management is currently seeking $350,000 to launch. Specifically, these funds will be used as follows:

• Office design/build: $50,000
• Office equipment, supplies, and materials: $50,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $50,000
• Working capital: $50,000

The following graph below outlines the pro forma financial projections for Ellis Wealth Management.

Company Overview

Who is ellis wealth management, ellis wealth management’s history.

Upon surveying the local customer base and finding a potential office, Jared Ellis incorporated Ellis Wealth Management as an S-Corporation in January 2023.

The business is currently being run out of Jared’s home office, but once the lease on Ellis Wealth Management’s office location is finalized, all operations will be run from there.

Since incorporation, the Company has achieved the following milestones:

• Found an office space and signed Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired an interior designer for the decor and furniture layout
• Determined equipment and fixture requirements
• Began recruiting key employees

Ellis Wealth Management’s Services

Industry analysis.

The wealth management industry is strongly correlated with the strength of the economy as a whole. When the wealth management industry (or the finance industry in general) is down, then that is a sign that the economy is struggling. The economy suffered greatly during the COVID pandemic but is now bouncing back to being stronger than ever.

According to Mordor Intelligence, the wealth management industry was valued at USD 3.67 billion in 2021 and is projected to grow at a CAGR of 14.67% from now until 2027. This is substantial growth and shows the economy is back in full swing. Wealth management firms both small and large can expect significant growth and an increase in profits over the next several years.

In addition to the economy bouncing back, there are a few other factors that affect this projected growth. First, more people have disposable income and are looking for wise ways to save or use that extra money. Furthermore, financial education is becoming far more popular than it was years ago. This means that more people are learning the importance of wealth management and are eager for services that will help them save and grow their money. The widespread interest in financial education has created a strong demand for wealth management services.

When considering all these factors, the wealth management industry is projected to boom in the next few years. This is good news for firms like Ellis Wealth Management and shows that our firm has a great chance to succeed.

Customer Analysis

Demographic profile of target market.

Ellis Wealth Management will serve the residents of Seattle, Washington, and the immediate surrounding areas. The area is populated by middle and upper-class residents who have diverse wealth management needs. They also have the disposable income to hire a wealth management firm to help manage their finances.

The precise demographics of Seattle are as follows:

Customer Segmentation

Ellis Wealth Management will primarily target the following customer profiles:

• Higher-income individuals
• Individuals 55+
• Middle-aged parents with children

Competitive Analysis

Direct and indirect competitors.

Ellis Wealth Management will face competition from other companies with similar business profiles. A description of each competitor company is below.

Merrill Lynch

Merrill Lynch is a longstanding financial firm that was acquired by Bank of America in 2009. The firm has a client-oriented focus that prioritizes the individual needs of each client. The firm offers a long list of wealth management services, including banking services and retirement planning. When clients choose Merrill Lynch, they are offered a wealth management strategy that is tailored to them and helps support their dreams and financial goals.

Edward Jones

Edward Jones is a global wealth management firm that assists over seven million investors worldwide. It is a privately owned company, which allows its advisors to focus on client relationships rather than shareholder returns. They offer a long list of financial advising and wealth management services, all of which are based on respect, attention, and service.

Morgan Stanley

Founded in 1935, Morgan Stanley started as a small Wall Street partnership but has now grown to be a global firm with 80,000 employees. Morgan Stanley is committed to its clients and provides them with a wide range of financial planning and wealth management services. Everything the company does is backed by its five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. For nearly a century, Morgan Stanley has committed to these values, which has earned them a loyal following and tremendous success.

Competitive Advantage

Ellis Wealth Management will be able to offer the following advantages over the competition:

Marketing Plan

Brand & value proposition.

Ellis Wealth Management will offer a unique value proposition to its clientele:

• Client-focused financial services, where the Company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for Ellis Wealth Management is as follows:

Targeted Cold Calls

Ellis Wealth Management will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to need wealth management services. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

Ellis Wealth Management understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer their friends and family by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Ellis Wealth Management will invest heavily in a social media advertising campaign. The company will create social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Ellis Wealth Management will invest heavily in developing a professional website that displays all of the company’s services. It will also invest heavily in SEO so that the firm’s website will appear at the top of search engine results.

The fees and hourly pricing of Ellis Wealth Management will be moderate and competitive so clients feel they are receiving great value when utilizing our wealth management services.

Operations Plan

The following will be the operations plan for Ellis Wealth Management.

Operation Functions:

• Jared Ellis will be the Owner of Ellis Wealth Management. In addition to providing wealth management services, he will also manage the general operations and executive aspects of the business.
• Jared Ellis is joined by a full-time administrative assistant, Jacob Hubert, who will take charge of the administrative tasks for the company. He will also be available to answer client questions and will be the primary employee in charge of client communications.
• As the company builds its client base, Jared Ellis will hire more financial advisors to provide wealth management services, attract more clients, and grow our business further.

Milestones:

Ellis Wealth Management will have the following milestones completed in the next six months.

• 2/2023 Finalize lease agreement
• 3/2023 Design and build out Ellis Wealth Management
• 4/2023 Hire and train initial staff
• 5/2023 Kickoff of promotional campaign
• 6/2023 Launch Ellis Wealth Management
• 7/2023 Reach break-even

Financial Plan

Key revenue & costs.

Ellis Wealth Management’s revenues will primarily come from charging an hourly rate and fees for the wealth management services we provide.

The notable cost drivers for the company will include labor expenses, overhead, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Year 4: 100
• Year 5: 125
• Hourly Fee: $250
• Fee of Assets: 50%
• Annual Rent: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, wealth management business plan faqs.

What Is a Wealth Management Business Plan?

A wealth management business plan is a plan to start and/or grow your wealth management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Wealth Management business plan using our Wealth Management Business Plan Template here .

What are the Main Types of Wealth Management Businesses?

There are a number of different kinds of wealth management businesses , some examples include: Personal Financial Planning and Advice, Asset Management and Allocation, Estate Planning, and Tax Accounting.

How Do You Get Funding for Your Wealth Management Business Plan?

Wealth Management businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Wealth Management Business?

Starting a wealth management business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Wealth Management Business Plan - The first step in starting a business is to create a detailed wealth management business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your wealth management business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your wealth management business is in compliance with local laws.

3. Register Your Wealth Management Business - Once you have chosen a legal structure, the next step is to register your wealth management business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your wealth management business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Wealth Management Equipment & Supplies - In order to start your wealth management business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your wealth management business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

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Here is a free business plan sample for a wealth management advisor.

Embarking on a journey as a wealth management advisor requires more than financial savvy—it demands a solid foundation for your business strategy.

In the following paragraphs, we will present to you a comprehensive business plan outline tailored for wealth management advisors.

As an aspiring or established financial expert, you're well aware that a meticulously formulated business plan is crucial for outlining your services, defining your niche, and setting a course for growth and client satisfaction.

To streamline your planning process and ensure you cover all critical aspects, feel free to utilize our wealth management advisor business plan template. Our team is also on standby to provide a professional review and offer feedback at no cost.

How to draft a great business plan for your wealth management advisor?

A good business plan for a wealth management advisor must be tailored to the nuances of the financial services industry.

Initially, it is crucial to provide a comprehensive overview of the financial advisory market. This includes current statistics and the identification of emerging trends within the wealth management sector, as illustrated in our wealth management advisor business plan template .

Your business plan should articulate your vision clearly, define your target clientele (such as high-net-worth individuals, families, or small businesses), and establish your unique value proposition (expertise in certain investment strategies, personalized service, etc.).

Market analysis is a key component. This requires an in-depth look at the competitive landscape, regulatory environment, investment trends, and client needs and behaviors.

For a wealth management advisor, it is imperative to outline your service offerings. Describe your portfolio management, financial planning, retirement planning, tax advisory services, and any other specialized services you provide, and explain how they align with the goals and risk profiles of your clients.

The operational plan should detail your business structure, office location, technology platforms for portfolio management and client reporting, and your approach to compliance and risk management.

Professional qualifications, certifications, and adherence to ethical standards are also of paramount importance in wealth management and should be highlighted.

Address your marketing and client acquisition strategies. How will you build trust and establish long-term relationships with clients? Discuss your networking approach, referral programs, and digital marketing strategies, including your website and presence on professional social networks like LinkedIn.

The financial section is critical. It should encompass your pricing model (fee-based, commission-based, or a hybrid), revenue projections, operating expenses, and profitability analysis.

In wealth management, trust and reputation are key, so it is essential to have a clear plan for building credibility and demonstrating expertise. For this, you can refer to our financial projections for a wealth management advisor .

Compared to other business plans, a wealth management advisor's plan must pay closer attention to regulatory compliance, ethical considerations, and the importance of personal relationships in client retention and acquisition.

A well-crafted business plan will not only help you to define your strategies and objectives but also to attract clients and potentially partners or investors.

Lenders and investors will be looking for a thorough market analysis, a robust financial plan, and a clear demonstration of your ability to manage client assets responsibly.

By presenting a detailed and substantiated plan, you showcase your professionalism and dedication to the success of your advisory practice.

To achieve these goals efficiently, you are welcome to utilize our wealth management advisor business plan template .

A free example of business plan for a wealth management advisor

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a wealth management advisor .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market overview and statistics.

The wealth management industry is a dynamic sector with significant growth potential.

Recent reports estimate the global wealth management market to be valued at over 1 trillion dollars, with expectations for continued expansion as populations age and the number of high-net-worth individuals increases.

In the United States alone, there are thousands of wealth management advisors and firms, contributing to a substantial portion of the financial services industry's revenue, which is in the hundreds of billions of dollars annually.

These statistics underscore the critical role wealth management services play in the financial well-being of individuals and the broader economy.

Industry Trends

The wealth management sector is experiencing several key trends that are shaping its future.

There is a growing demand for personalized financial advice as clients seek tailored strategies to manage their wealth. Technological advancements, such as robo-advisors and AI-driven tools, are becoming more prevalent, offering new ways to optimize investment strategies and client interactions.

Environmental, Social, and Governance (ESG) investing is gaining traction, with clients increasingly interested in aligning their investments with their values and contributing to sustainable development.

The rise of fintech startups is disrupting traditional wealth management models, leading to more competitive pricing and innovative services.

Additionally, the importance of cybersecurity is at an all-time high, with advisors needing to protect sensitive financial data against an increasing number of cyber threats.

These trends highlight the evolving landscape of wealth management and the need for advisors to stay informed and adaptable to meet the changing preferences of their clients.

Key Success Factors

Several factors contribute to the success of a wealth management advisor.

Expertise and trustworthiness are paramount. Clients expect their advisors to have a deep understanding of financial markets and personal finance to guide them effectively.

Customized service offerings are also critical, as clients have unique financial goals and risk tolerances that require personalized attention.

Strategic location can influence success, with advisors in affluent areas or financial hubs often having greater opportunities to attract high-net-worth clients.

Exceptional client service is essential for client retention and referrals, which are vital for business growth.

Lastly, staying ahead of industry trends, such as regulatory changes and technological advancements, and maintaining a commitment to continuous learning and improvement are crucial for a wealth management advisor's long-term success.

The Project

Project presentation.

Our wealth management advisory firm is designed to cater to the sophisticated needs of individuals seeking to preserve and grow their wealth. Situated in a financial district with proximity to affluent neighborhoods, our firm will offer comprehensive wealth management services, including investment management, retirement planning, estate planning, tax strategies, and financial education. We will utilize top-tier financial tools and personalized strategies to ensure each client's portfolio is tailored to their unique financial goals and risk tolerance.

The emphasis will be on transparency, personalized service, and long-term financial health to provide an exceptional wealth management experience.

This wealth management advisory firm aims to become a trusted partner for clients, guiding them through the complexities of financial planning and asset management.

Value Proposition

The value proposition of our wealth management advisory firm is centered on delivering expert financial guidance and personalized investment strategies that align with our clients' life goals.

Our commitment to integrity, client education, and bespoke service offers a superior advisory experience, while contributing to the financial security and prosperity of our clients.

We are dedicated to fostering a relationship of trust where clients feel confident and informed about their financial decisions, and aim to empower them with the knowledge and resources to achieve financial independence.

Our firm aspires to be a cornerstone in the community, providing a reliable and ethical approach to wealth management and improving the financial well-being of our clients.

Project Owner

The project owner is a seasoned wealth management advisor with a comprehensive understanding of the financial markets and personal finance.

With a background in finance and a track record of successful client relationships, he is committed to establishing a wealth management advisory firm that stands out for its dedication to client success, ethical practices, and innovative financial solutions.

With a philosophy centered on client empowerment and education, he is determined to offer tailored advice that supports the financial objectives of each individual while contributing to their overall financial literacy.

His dedication to excellence and his expertise in wealth management make him the driving force behind this project, aiming to enhance the financial stability and prosperity of clients navigating the complexities of wealth accumulation and preservation.

The Market Study

Client segmentation.

The client segments for this wealth management advisory service are categorized into distinct groups.

Firstly, there are high-net-worth individuals who require personalized investment strategies and wealth preservation services.

Next, we have professionals and entrepreneurs seeking to optimize their financial assets and plan for future growth.

Retirees form another segment, looking for ways to manage their retirement funds effectively and ensure financial security.

Lastly, young adults and families who are beginning to build their wealth and need guidance on long-term financial planning and investments.

SWOT Analysis

A SWOT analysis of the wealth management advisory service highlights several key factors.

Strengths include a deep understanding of financial markets, personalized client service, and a robust network of financial experts.

Weaknesses might encompass the challenge of adapting to rapidly changing financial regulations and the high level of competition in the wealth management sector.

Opportunities can be found in the growing number of individuals seeking financial advice due to market volatility and the potential to leverage technology for improved client services.

Threats may include economic downturns affecting clients' investment portfolios and the rise of robo-advisors offering low-cost investment management services.

Competitor Analysis

Competitor analysis in the wealth management sector indicates a competitive landscape.

Direct competitors include other boutique wealth management firms, large financial institutions with wealth management divisions, and independent financial advisors.

These entities compete on the basis of investment performance, client service quality, and the comprehensiveness of their service offerings.

Potential competitive advantages are personalized client relationships, specialized expertise in niche markets, and the use of advanced technology for portfolio management.

Understanding the strengths and weaknesses of competitors is crucial for carving out a unique value proposition and retaining clients.

Competitive Advantages

Our wealth management advisory service stands out due to our commitment to creating tailored investment strategies that align with our clients' unique financial goals.

We offer a comprehensive suite of services, including estate planning, tax optimization, and retirement planning, all designed to provide maximum value to our clients.

Our focus on client education empowers individuals to make informed decisions about their financial futures, fostering trust and loyalty to our brand.

We pride ourselves on our transparency in fee structures and investment approaches, ensuring that clients feel secure and well-informed at every stage of their financial journey.

You can also read our articles about: - how to become a wealth management advisor: a complete guide - the customer segments of a wealth management advisor - the competition study for a wealth management advisor

The Strategy

Development plan.

Our three-year development plan for the wealth management advisory firm is designed to establish us as a leader in personalized financial planning.

In the first year, we will concentrate on building a robust client base by delivering exceptional service and establishing trust through transparency and financial education.

The second year will focus on expanding our services, including estate planning and retirement solutions, and leveraging technology to enhance client experience and operational efficiency.

In the third year, we aim to solidify our reputation by introducing innovative investment products and forming strategic alliances with fintech companies to broaden our offerings.

Throughout this period, we will adhere to the highest standards of fiduciary responsibility and adapt to the evolving financial landscape to serve our clients' best interests.

Business Model Canvas

The Business Model Canvas for our wealth management advisory firm targets affluent individuals, families, and small business owners seeking comprehensive financial strategies.

Our value proposition is centered on providing tailored wealth management solutions, personalized advice, and a commitment to long-term client relationships.

We deliver our services through one-on-one consultations, digital platforms, and client seminars, utilizing our key resources such as our team of certified financial planners and investment analysts.

Key activities include financial planning, asset management, and ongoing market research.

Our revenue streams are derived from management fees, financial planning fees, and potentially performance-based incentives, while our costs are mainly associated with personnel, technology, and compliance.

Access a comprehensive and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is built on personalization and trust.

We aim to educate potential clients about the importance of wealth management and the unique benefits of our advisory services. Our approach includes targeted digital marketing, educational workshops, and personalized financial health assessments.

We will also develop partnerships with accountants and attorneys to create a referral network.

Additionally, we will leverage social media and content marketing to showcase our expertise and thought leadership in the financial industry.

Risk Policy

The risk policy of our wealth management advisory firm is to minimize financial and operational risks for our clients and our business.

We employ rigorous due diligence in our investment approach, adhere to strict compliance with financial regulations, and maintain a diversified investment portfolio to manage market volatility.

Regular audits and reviews ensure that we adhere to industry best practices and manage costs effectively.

We also carry professional liability insurance to protect against potential legal claims, ensuring that we can focus on providing the best possible advice and service to our clients.

Why Our Project is Viable

We are committed to establishing a wealth management advisory firm that addresses the complex financial needs of our clients.

With our dedication to personalized service, continuous education, and innovative financial solutions, we are poised to make a significant impact in the wealth management sector.

We are enthusiastic about empowering our clients to achieve their financial goals and are prepared to adapt our strategies to navigate the ever-changing financial landscape.

We are confident in the viability of our project and look forward to fostering enduring client relationships and building a reputable and successful advisory practice.

You can also read our articles about: - the Business Model Canvas of a wealth management advisor - the marketing strategy for a wealth management advisor

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a wealth management advisor and our financial plan for a wealth management advisor .

Initial expenses for our wealth management advisory firm include obtaining the necessary licenses and certifications, setting up a professional office environment, investing in high-quality financial planning software, and developing a robust cybersecurity infrastructure to protect client data. Additionally, costs will be incurred for creating a strong brand identity and implementing targeted marketing strategies to attract high-net-worth individuals and families.

Our revenue assumptions are based on a thorough analysis of the wealth management market, taking into account the increasing demand for personalized financial advice and the growing number of affluent individuals seeking expert investment management.

We anticipate a gradual increase in client acquisition, starting conservatively and expanding as our firm's reputation for delivering exceptional financial guidance and investment performance grows.

The projected income statement outlines expected revenues from our advisory fees, asset management charges, and potential performance-based incentives, while detailing expenses such as staff compensation, office lease, technology costs, and marketing expenditures.

This results in a forecasted net profit that is essential for assessing the long-term viability and profitability of our wealth management advisory firm.

The projected balance sheet presents assets unique to our firm, including office equipment, software, and intellectual property, and liabilities such as loans and operational expenses.

It provides a snapshot of the firm's financial standing at the conclusion of each fiscal period.

Our projected cash flow statement meticulously tracks the inflows from client fees and outflows for business expenses, enabling us to foresee our financial requirements. This is crucial for maintaining a healthy cash reserve and ensuring smooth operations.

The projected financing plan details the mix of equity and debt financing we intend to utilize to support our initial costs and growth strategies.

The working capital requirement for our wealth management advisory firm will be diligently managed to maintain sufficient liquidity for day-to-day activities, such as office maintenance, staff salaries, and client acquisition efforts.

The break-even analysis for our firm calculates the level of assets under management (AUM) required to cover all operating costs and begin generating profits.

It will signal the point at which our firm becomes financially sustainable.

Key performance indicators we will monitor include the assets under management growth rate, client retention rates, the profit margin on our advisory services, and the return on equity to gauge the efficiency of our capital utilization.

These metrics will assist us in measuring the financial health and success of our wealth management advisory firm.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a wealth management advisor .

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Ultimate Guide To Wealth Management Business Plan

• Amit Chandel
• No Comments

Are you looking to prepare a comprehensive wealth management business plan but unsure where to start? Understanding and implementing wealth management requires a well-thought-out strategy. A business plan is not just a document; it’s a roadmap for your financial advisory services.

Our Ultimate Guide to Wealth Management Business Plan offers an in-depth look into creating a successful plan. It covers everything from understanding your target market to financial forecasting, ensuring your wealth management business is set for success. Let’s dive in and explore how to build a robust foundation for your wealth management services.

What is a wealth management business plan?

A wealth management business plan is a comprehensive document that outlines the strategies, objectives, and operational framework for a firm that offers wealth management services. This plan serves as a roadmap for the business, detailing how it intends to manage and grow clients’ wealth.

It typically includes market analysis, target client demographics, service offerings, marketing strategies, revenue projections, and operational details. Such a plan aims to provide a clear direction for the wealth management business to achieve financial success and client satisfaction.

Why Financial Advisors Need a Business Plan?

Here’s why financial advisors need a business plan:

• Defining Goals and Objectives: A business plan helps financial advisors set clear, achievable goals, guiding their business strategies and decisions.
• Mapping Growth Strategies: It outlines strategies for growth, including client acquisition, service expansion, and scaling operations.
• Financial Management: A business plan includes financial projections and budgets, crucial for effective financial management.
• Risk Assessment: It helps in identifying potential risks and devising strategies to mitigate them.
• Securing Funding and Partnerships: A well-crafted business plan is essential for attracting investors or partners.
• Performance Tracking: The plan provides a framework for monitoring progress and performance, enabling adjustments as needed.
• Market Analysis: It includes market research to understand target clients and competition, vital for crafting effective marketing strategies.
• Operational Planning: Outlines the day-to-day operations, staffing needs, and technology requirements.
• Adaptability to Change: It allows financial advisors to be agile and adapt their strategies in response to market changes or new opportunities.

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What are the Essential Elements of a Financial Advisor Business Plan?

The essential elements of a financial advisor business plan include:.

• Executive Summary: A brief overview of the business plan, highlighting the main goals and points.
•  Company Overview: A snapshot of the financial advisory firm, including its history, structure, and services offered.
• Industry Analysis: An examination of the financial advisory industry, trends, and the overall economic environment.
• Customer Analysis: Details about the target client demographic, their needs, and how the firm plans to meet them.
• Competitive Analysis: An assessment of competitors in the market, their strengths, weaknesses, and the firm’s unique selling points.
• Marketing Plan: Strategies for attracting and retaining clients, including branding, channels, and tactics.
• Operations Plan: Describes the daily operations, such as client service processes, office management, and technology use.
• Management Team : Information about key team members, their roles, experience, and contributions to the firm’s success.
• Financial Plan : Financial projections, budgeting, revenue streams, and funding requirements.

Looking to effectively implement these key elements in your financial advisor business plan? Our CPA services for small business are here to assist. We offer expert guidance tailored to small businesses, ensuring your financial planning is sound and strategic.

Tips for Writing a Wealth Management Business Plan:

• Define Your Target Market : Identify and understand your ideal client demographic for personalized services.
• Outline Your Services : Clearly describe the range of wealth management services you offer.
•  Competitive Analysis : Analyze your competitors to identify your unique value proposition.
•  Marketing Strategies : Develop effective marketing approaches tailored to your target market.
• Operational Plan : Detail your operational processes, technology use, and office management.
• Financial Projections : Include realistic financial forecasts and budgeting.
• Risk Management: Address potential risks and strategies to mitigate them.
• Team Qualifications : Highlight the expertise and qualifications of your team.
• Growth Strategies : Plan for scaling your business and expanding services.
• Compliance and Legal Considerations : Ensure all regulatory requirements are addressed in your business plan for wealth management.

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Myths Financial Advisors Believe About Business Plan

Financial advisors often hold several misconceptions about business plans:

• Some believe that a business plan is a one-time document, not realizing it needs regular updates as the business evolves.
• Another myth is that business plans are best created in isolation, whereas incorporating insights from team members and stakeholders can provide a more comprehensive view.
• Many think the main purpose of a business plan is to attract funding, overlooking its role in guiding strategic decisions and operations.
• There’s also a belief that simply having a business plan guarantees success, which is not true without implementation and ongoing revision.

Determining if You Require a Business Plan

For any business owner or entrepreneur, figuring out if you need a business plan is an essential first step. It’s a guide that helps you outline your business’s goals, strategies, and potential challenges.

Here’s a concise and formal approach to deciding if a business plan is necessary for you:

• Purpose and Goals : Are you clear about the purpose of your business and its long-term goals? If not, a business plan can help clarify these aspects.
• Seeking Investment : If you’re planning to seek external funding from investors or banks, a business plan is essential. It shows potential investors that you have a well-thought-out strategy for your business.
• New Business or Expansion : For new businesses, a business plan is crucial to mapping out the path ahead. Similarly, if you’re expanding or pivoting your current business, a plan helps to strategize this change.
• Market Understanding : A business plan forces you to research and understand your market, including potential customers and competitors. If you’re not familiar with your market, a business plan is a useful tool.
• Managing Growth: If your business is growing, a business plan can help manage and sustain this growth effectively.
• Measuring Success: A business plan provides benchmarks and performance indicators, which are essential for measuring success and making informed decisions.
• Team Alignment : If you have a team, a business plan ensures everyone is on the same page regarding the business’s direction and goals.

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Essential Parts of a Financial Advisor Business Plan

In the world of finance, foresight is everything, and that extends to how one manages their own business affairs. At the heart of a successful advisory firm lies a well-constructed financial planner business plan. But why is such a plan indispensable?

First and foremost, having a concrete business plan provides clarity. It allows financial advisors to map out their business goals with precision. This ensures every move is calculated and in line with their larger vision. 

This isn’t a luxury—it's a necessity. You wouldn’t advise clients without a detailed financial strategy, right? Similarly, running an advisory firm without a plan can lead to haphazard decisions and missed opportunities.

Moreover, in the realm of small businesses, which many advisory firms fall under, the terrain is fraught with challenges. From competition to regulatory changes, the landscape is ever-evolving.

Through meticulous planning, including identifying potential risks and strategizing on growth opportunities, advisors can navigate these complexities with confidence.

Here's our breakdown of everything you need to include in your comprehensive wealth management business plan. 

The Executive Summary

At the forefront of every robust business plan for financial advisors lies the executive summary. Think of it as the trailer to a blockbuster movie. It provides a concise overview of your business's entire narrative, touching on the highlights, the challenges, and the anticipated outcomes.

For a financial advisor, this section is vital. It encapsulates everything from your firm's mission and operational strategy to financial projections. The executive summary serves a dual purpose. 

First, it's a quick reference tool for those already familiar with your firm. It’s also a comprehensive introduction for potential investors who might be pursuing your plan for the first time.

While the bulk of your business plan dives deep into specifics, the executive summary gives readers an aerial view. It captures the essence of your advisory venture and its potential trajectory.

The Company Overview

The next step is to delve into the specifics of your enterprise with a comprehensive company overview. This section acts as the backbone of your blueprint. It provides critical details about your advisory firm's inception, its goals, and how it operates in the financial landscape.

The company overview addresses the "who, what, and why" of your business. It's where you define your target market, specify your services, and highlight your unique selling propositions. For instance, your firm might lean heavily on social media for client acquisition or financial education. If so, this is the place to note that.

Furthermore, understanding the nuances of cash flow and the financial structure of your business is crucial. This overview provides a clear snapshot for stakeholders, ensuring that they grasp the operational and financial vitality of your advisory firm. It sets the stage, offering context and clarity for the subsequent sections of your plan.

Industry Analysis

The industry analysis is a pivotal section in a financial advisor's business plan. It sheds light on the larger financial landscape in which the advisor operates. It encompasses a thorough competitive analysis, allowing the business owner to understand where their firm stands in relation to peers. 

Recognizing the strengths, weaknesses, opportunities, and threats in the industry provides invaluable insights. Such comprehension forms the bedrock of a sound marketing strategy. Staying informed about the industry's dynamics is essential. It allows an advisor to pivot when necessary, capitalize on emerging trends, and stay ahead in a competitive market.

Customer Analysis

In the realm of financial advising, understanding one's clientele is paramount. A thorough customer analysis provides insights into the specific needs and preferences of the clients in your target market. 

Financial advising clients are all different. Some are seeking wealth management to grow their assets. Others want financial planning for long-term stability, or retirement planning for a secure future. 

Still more need assistance with estate planning to ensure their legacy is passed on as intended. Recognizing these distinct requirements is crucial. 

By comprehensively analyzing the diverse financial objectives of clients, advisors can tailor their services more effectively. Ultimately, this will ensure they meet the unique goals and expectations of each individual they serve.

Competitive Analysis

A competitive analysis is a cornerstone for any RIA business plan. It involves diving deep into the market to understand how your financial advisory firm stacks up against competitors. What strategies are other firms using in their marketing plans? Which financial advisor business models are proving to be the most successful? 

By understanding the strengths and weaknesses of competitors, you can identify potential opportunities and threats in the marketplace. This information can be invaluable. It allows you to fine-tune your services, adjust your marketing strategies, and ultimately create a more resilient and successful business. After all, in the world of finance, knowledge truly is power.

Marketing Plan

Central to any investment advisor business plan is the marketing plan. It's where you lay out strategies to attract and retain clients. The marketing plan outlines how you'll position yourself in the industry. This includes the channels you'll use to reach potential clients and the tactics for engagement. 

Whether it's through social media campaigns, seminars, or referral programs, the marketing plan gives direction on promoting your services effectively. By aligning marketing efforts with overall business goals, you ensure that resources are used efficiently. Ultimately, this will drive growth and enhance your firm's reputation in the financial advisory landscape.

Operations Plan

The operations plan is a blueprint for the day-to-day functioning of a financial advisory firm. It outlines the nuts and bolts of how the business will run. From the client onboarding process to the management of resources. From the roles of members on your team to protocols for service delivery, the operations plan covers it all. 

A well-crafted operations plan ensures smooth operations, minimizes errors, and promotes a consistent, high-quality service experience for clients. Having this plan in place is essential to maintain efficiency, build trust, and nurture a growing client base.

Management Team

The management team section of a financial advisor's business plan highlights the individuals steering the firm towards its goals. It showcases the qualifications, experience, and expertise of key team members, underscoring their ability to execute the business's vision. 

By detailing their backgrounds and roles, potential investors or partners can gauge the leadership's competence and the firm's potential for success. This section provides reassurance to stakeholders that the business is in capable hands and that the team possesses the requisite skills and experience to drive growth, navigate challenges, and make sound financial decisions.

Financial Plan

The financial plan is a pivotal section of a financial advisor's business strategy, mapping out the fiscal foundation and anticipated growth of the firm. This section details the company's current financial status, projected revenue, expenses, and profitability. 

By laying out investment requirements, forecasting cash flows, and setting financial milestones, it offers a clear picture of the business's fiscal health and viability. Stakeholders, including potential investors and lenders, often scrutinize this portion to understand the sustainability of the business and to ascertain the potential return on investment.

Take Planning to the Next Level

Having created a business plan template is, unfortunately, only the first step to success. Lucky for you, Planswell has been perfecting the process of prospecting and closing deals for years. In fact, we’ve spent over $15 million on this learning process. 

We’ve developed a complete system advisors can use to boost their booking and close rate. We guarantee it.

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Wealth Management Business Plan Template

Identify client demographic for wealth management services.

• 1 Wealth accumulation
• 2 Retirement planning
• 3 Estate planning
• 4 Education funding
• 5 Risk management

Conduct an in-depth market analysis

Identify service offerings to meet client needs, establish mission and vision for the wealth management business, determine pricing structure for various services, create a detailed financial forecast, approval: financial forecast by cfo.

• Create a detailed financial forecast Will be submitted

Prepare a marketing plan for wealth management services

Identify key risk areas and mitigation strategies, design an investment strategy guideline for clients, establish a client acquisition strategy, develop a training program for wealth management advisors, define a succession plan for key roles, plan for ongoing business development activities, prepare a plan for regular client communication and engagement, define key performance indicators (kpis) for business, approval: kpis by ceo.

• Define key performance indicators (KPIs) for business Will be submitted

Finalize Wealth Management Business Plan

Submit up-to-date plan to relevant regulatory bodies, approval: business plan by board of directors.

• Finalize Wealth Management Business Plan Will be submitted

Take control of your workflows today.

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How To Write a Business Plan for Wealth Management in 9 Steps: Checklist

By alex ryzhkov, resources on wealth management.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you interested in entering the fast-growing field of wealth management? With the increasing number of high net worth individuals and families seeking expert financial guidance, now is the perfect time to start your own wealth management business. In this blog post, we will provide you with a 9-step checklist on how to write a business plan for wealth management. But before we dive into the details, let's take a look at some latest statistics about the industry and its promising growth.

The wealth management industry has been experiencing significant growth in recent years. According to a report by Grand View Research, the global wealth management market size was valued at $1.2 trillion in 2020 and is projected to reach $2.1 trillion by 2028, growing at a CAGR of 6.9% . This growth can be attributed to the rising disposable incomes, increasing wealth accumulation, and the need for expert financial advice in managing complex investment portfolios.

Now that you have a glimpse of the industry's potential, let's explore the 9-step checklist for writing a successful business plan for wealth management. By following these steps, you will be able to lay a strong foundation for your business and position yourself for long-term success in the market.

• Identify your target market and niche
• Conduct thorough market research
• Define your unique value proposition
• Assess the competitive landscape
• Develop a pricing and revenue model
• Identify key partners and stakeholders
• Determine your staffing and resource requirements
• Create financial projections
• Outline your marketing and sales strategies

Each of these steps is crucial in building a comprehensive business plan that will enable you to attract clients, generate recurring revenue, and deliver exceptional results. Remember, the wealth management industry thrives on trust, expertise, and a deep understanding of your clients' financial goals. By following this checklist, you will be well-equipped to embark on your journey as a wealth management entrepreneur.

Identify Target Market And Niche

Identifying your target market and niche is a crucial first step in developing a successful business plan for wealth management. By understanding who your ideal clients are and what specific needs you can meet, you will be able to tailor your services and marketing efforts to attract and retain valuable clientele.

When identifying your target market, consider factors such as age, income level, occupation, and geographic location. Determine the demographics that align with your expertise and the type of wealth management services you plan to offer. For example, you might choose to focus on serving high net worth individuals or families with specific generational wealth planning needs.

Once you have identified your target market, it is important to narrow your focus even further by defining your niche. A niche allows you to specialize in a particular area of wealth management, showcasing your expertise and creating a unique selling proposition. This can help differentiate your firm from competitors and attract a specific clientele who are seeking tailored solutions.

Tips for identifying your target market and niche:

• Conduct market research to gain insights into the needs and preferences of your target market.
• Look for gaps in the market where your specialized services can add value.
• Consider the expertise and experience you bring to the table and how it can benefit a specific group of clients.
• Think about your own interests and passions, and how they align with the needs of a particular niche market.
• Stay updated on industry trends and changes in regulations that may impact your target market and niche.

By clearly identifying your target market and niche, you can tailor your business plan and marketing strategies to effectively reach and engage the right clients. This will set a strong foundation for your wealth management business and increase your chances of long-term success.

Conduct Market Research

Conducting market research is a crucial step in developing an effective business plan for wealth management. This process involves gathering and analyzing information about the target market, including its size, demographics, preferences, and needs. Market research enables wealth management firms to gain a deep understanding of their potential clients and tailor their services to meet their specific requirements.

There are several key aspects to consider when conducting market research:

• Demographic analysis: Identify the characteristics of the target market, such as age, income level, occupation, and location. This information helps in determining the appropriate services and communication strategies to reach the desired audience.
• Competitor analysis: Evaluate the strengths and weaknesses of existing wealth management firms in the market. This analysis helps in identifying gaps in the services provided and opportunities to differentiate your firm from the competition.
• Client needs assessment: Understand the specific financial goals and challenges faced by potential clients. This knowledge allows wealth management firms to develop services and solutions that address these needs effectively.

Tips for conducting market research:

• Utilize a combination of primary and secondary research methods. Primary research involves directly collecting data from potential clients through surveys, interviews, or focus groups. Secondary research involves analyzing existing data from industry reports, government sources, and reputable publications.
• Consider partnering with market research firms or consultants who specialize in the wealth management industry. Their expertise and experience can provide valuable insights and save time in gathering and analyzing data.
• Regularly update and review your market research findings to ensure your business plan remains aligned with the evolving needs and preferences of the target market.

By conducting thorough market research, wealth management firms can gain a competitive edge and develop a business plan that accurately addresses the needs of their target market. This step sets the foundation for the subsequent steps in the business planning process, allowing for informed decision-making and strategic positioning in the industry.

Define Unique Value Proposition

Defining your unique value proposition is a crucial step in developing a business plan for wealth management. Your unique value proposition is what sets your firm apart from competitors and communicates the key benefits you offer to your target market. It is the reason why clients should choose your firm over others in the industry.

When defining your unique value proposition, consider the following:

• Identify your target market: Determine the specific group of clients you want to serve and understand their unique needs and preferences. Tailoring your value proposition to this target market will help you differentiate yourself.
• Highlight your strengths: Identify your firm's strengths and expertise that make you stand out. This could be your experience in a particular investment strategy, your knowledge of specific industries, or your innovative technology platform.
• Address client pain points: Understand the challenges and pain points faced by your target market and position your value proposition to address these issues. This could be providing personalized financial planning, offering comprehensive wealth management services, or delivering exceptional customer service.
• Showcase your track record: Demonstrate your past success and track record in delivering consistent returns for clients. Highlight any accolades, awards, or client testimonials that validate your ability to generate positive investment outcomes.

Tips for defining your unique value proposition:

• Keep it concise: Your value proposition should be clear and concise, easily communicated to potential clients in a few sentences.
• Focus on benefits: Emphasize the benefits clients will receive by choosing your firm, rather than simply listing features or services.
• Continually refine and iterate: As the wealth management landscape evolves, regularly reassess your value proposition and make adjustments to ensure it remains relevant and unique.

Defining your unique value proposition is essential for attracting and retaining clients in the competitive wealth management industry. Take the time to thoroughly analyze your target market, assess your strengths, and address client pain points to develop a value proposition that positions your firm as the preferred choice for high net worth individuals and families.

Assess Competitive Landscape

Assessing the competitive landscape is a crucial step in developing a solid business plan for wealth management. It enables you to gain a comprehensive understanding of the market and identify areas of opportunity and potential challenges. By conducting a thorough assessment, you can position your wealth management firm strategically and differentiate it from the competition.

Here are some key aspects to consider when assessing the competitive landscape:

• Identify competitors: Begin by identifying the main players in the wealth management industry. This includes both large financial institutions and smaller boutique firms. Look for firms that primarily serve your target market and those that offer similar investment products and services.
• Analyze their strengths and weaknesses: Evaluate your competitors' strengths and weaknesses to gain insights into their positioning in the market. Determine what sets them apart from others and identify potential areas where your firm can excel.
• Study their pricing models: Understand how your competitors charge their clients for their services. This will help you determine if your pricing strategy is competitive and aligns with industry standards.
• Assess their service offerings: Look at the range of investment products and services offered by your competitors. Identify any gaps or unique offerings that you could leverage as part of your value proposition.
• Consider their target market: Analyze the target market of your competitors. Determine if they focus on the same niche or if there are untapped segments that you could cater to with specialized services.
• Evaluate their reputation: Research the reputation and customer satisfaction of your competitors. Pay attention to reviews, testimonials, and industry rankings to understand how they are perceived in the market.
• Utilize online industry databases, financial publications, and industry reports to gather information on competitors.
• Consider conducting market surveys or interviews with potential clients to gather insights on their perception of different wealth management firms.
• Regularly monitor and update your assessment of the competitive landscape, as the industry dynamics can change over time.

By assessing the competitive landscape, you can gain valuable insights into the strengths and weaknesses of your competitors. This knowledge will help you identify opportunities to differentiate your wealth management firm and build a strong value proposition that appeals to your target market.

Develop Pricing And Revenue Model

Developing a pricing and revenue model is a crucial step in creating a solid business plan for wealth management. The pricing of your services will directly impact the revenue you generate, so it's important to carefully consider this aspect.

First, analyze the current market rates and industry standards for wealth management services. This will give you a benchmark to work with when determining your own pricing. Consider factors such as the level of expertise you offer, the complexity of your services, and the value you provide to clients.

• Tip 1: Don't underprice your services - Remember that your expertise and experience are valuable, so don't undervalue yourself. Price your services based on the value you provide and the benefits your clients will receive.
• Tip 2: Consider different pricing structures - While the most common pricing model in wealth management is a percentage of assets under management, you may also explore other options such as a flat fee or hourly rate for specific services. Choose a model that aligns with your target market and allows for scalability.
• Tip 3: Offer tiered pricing - Consider offering different levels of service with corresponding price points. This allows you to cater to clients with varying needs and budgets, providing flexibility and potentially attracting a wider range of clients.

Once you have determined your pricing structure, create a revenue model that outlines your expected income streams. Consider not just the fees charged for services, but also any additional revenue sources such as referral fees or commission-based products.

Remember, your pricing and revenue model should be adaptable and scalable as your wealth management business grows. Regularly reassess your pricing to ensure it remains competitive and reflective of the value you provide.

Identify Key Partners And Stakeholders

When developing a business plan for wealth management, it is crucial to identify the key partners and stakeholders who will play a significant role in the success of your venture. These are the individuals, organizations, and institutions that will support and contribute to your wealth management business. Here are some important points to consider when identifying key partners and stakeholders:

• Financial Institutions: Collaborating with established financial institutions, such as banks or insurance companies, can provide credibility and access to a wide range of resources. These partnerships can also help you leverage their existing client base and referral network.
• Legal and Compliance Experts: Engaging legal and compliance experts is essential in the wealth management industry to ensure regulatory compliance and minimize legal risks. These professionals can help you navigate complex legal and regulatory frameworks.
• Technology Providers: In today's digital age, technology plays a crucial role in wealth management. Identifying technology providers who offer robust and secure platforms can help streamline your operations, enhance security measures, and improve client experience.
• Professional Networks: Building relationships with professionals in related fields, such as accountants, tax advisors, and estate planners, can expand your network and lead to potential partnerships. These professionals can provide valuable insights and referrals to your wealth management business.
• Industry Associations and Networks: Joining industry associations and networks can provide access to valuable resources, educational opportunities, and networking events. These platforms allow you to connect with like-minded professionals, stay updated on industry trends, and establish your presence in the wealth management sector.
• Research and evaluate potential partners and stakeholders thoroughly before entering into any partnerships.
• Networking events, conferences, and industry forums can serve as excellent platforms to meet potential partners and stakeholders.
• Establish strong communication and rapport with your partners and stakeholders to foster long-term relationships.
• Regularly assess and review the performance and contributions of your partners and stakeholders to ensure alignment with your goals.

By identifying and partnering with the right individuals and organizations, you can leverage their expertise, resources, and networks to strengthen your wealth management business and enhance the value you provide to your clients.

Determine Staffing And Resource Requirements

Determining the staffing and resource requirements of your wealth management business is crucial for ensuring smooth operations and delivering exceptional services to your clients. Adequate staffing and resources will help you meet the needs of your clients, maintain efficiency, and support growth in your business.

When determining staffing requirements, consider the size and complexity of your target market, the range of services you plan to offer, and the level of customer support you aim to provide. Identify the key roles and responsibilities needed to successfully run your business, such as financial advisors, portfolio managers, administrative staff, and technology experts.

Resource requirements go beyond staffing and encompass the tools, technology, and infrastructure necessary to deliver your services effectively. These may include investment research platforms, customer relationship management (CRM) systems, portfolio management software, and other resources specific to wealth management.

• Assess the current and future needs of your business to identify the staffing skills and resources required.
• Consider outsourcing certain functions, such as IT support or back-office operations, if it proves to be more cost-effective and efficient.
• Maintain a contingency plan to handle unforeseen circumstances that may require additional resources or temporary staffing changes.
• Regularly review and update your staffing and resource requirements to adapt to changing market dynamics and client demands.
• Consider hiring experienced professionals who have a strong background in the wealth management industry and are knowledgeable about financial markets.
• Invest in ongoing training and development programs for your staff to keep them updated with the latest industry trends and regulations.
• Seek feedback from your team members on staffing and resource requirements to ensure their input is considered in decision-making processes.

Create Financial Projections

Creating financial projections is a crucial step in developing a business plan for wealth management. Projections provide a roadmap for estimating future revenues, expenses, and profitability, allowing you to assess the financial feasibility and sustainability of your business model.

When creating financial projections, consider the following:

• Revenue sources: Identify the various revenue streams your wealth management firm will generate, such as fees on assets under management, financial planning fees, or referral fees from partnering professionals.
• Client acquisition: Estimate the number of clients you expect to acquire over a specific period and the average assets under management per client. This will help you project your potential revenue.
• Expenses: Outline your fixed and variable expenses, including office rent, salaries, marketing expenses, software subscriptions, and regulatory compliance costs.
• Growth assumptions: Consider factors such as market volatility, industry trends, and potential changes in regulations that may influence your revenue and expenses.
• Profitability: Use your revenue and expense projections to calculate your firm's profitability, such as profit margins and return on investment.

Tips for creating financial projections:

• Be realistic: Base your projections on thorough market research and industry benchmarks, avoiding overly optimistic or pessimistic assumptions.
• Consider multiple scenarios: Develop projections for different scenarios, such as conservative, moderate, and optimistic, to help assess potential risks and opportunities.
• Seek expert advice: Consult with financial professionals or accountants to ensure the accuracy and reliability of your projections.
• Regularly review and update: Financial projections are not static and should be reviewed and updated regularly to reflect changes in the market and your business operations.

By creating comprehensive financial projections, you will gain insights into the financial health and growth potential of your wealth management business. This will not only help you make informed decisions but also attract potential investors or lenders who may require this information to assess the viability of your venture.

Outline Marketing And Sales Strategies

Once you have developed your unique value proposition and determined your target market, it is essential to outline effective marketing and sales strategies to reach and convert potential clients. Below are steps to help you create a solid plan:

• Identify your target audience: Determine the characteristics and demographics of your ideal clients. This will allow you to tailor your marketing messages and select the most effective channels to reach them.
• Build brand awareness: Establishing a strong brand presence is crucial in attracting and gaining trust from potential clients. Develop a comprehensive branding strategy that includes consistent messaging, visual identity, and online presence.
• Create digital marketing campaigns: Utilize various digital marketing channels such as search engine optimization (SEO), pay-per-click (PPC) advertising, content marketing, and social media marketing. These strategies can help drive relevant traffic to your website and generate leads.
• Develop thought leadership content: Position yourself as an industry expert by creating valuable content through blog posts, white papers, case studies, and webinars. This will not only establish credibility but also attract potential clients who are seeking knowledgeable wealth management professionals.
• Leverage referral networking: Tap into your existing network and establish strategic partnerships with other professionals, such as accountants, lawyers, and financial advisors. These relationships can lead to referrals and expand your client base.
• Offer personalized consultations: Provide free initial consultations to potential clients, during which you can showcase your expertise and understand their needs. This personalized approach can help build trust and convert leads into clients.
• Utilize client testimonials: Request testimonials from satisfied clients and use them as social proof on your website and marketing materials. Testimonials can significantly impact the decision-making process for potential clients.
• Stay up-to-date with industry trends and adapt your marketing strategies accordingly.
• Track the effectiveness of your marketing campaigns and adjust them as needed.
• Invest in customer relationship management (CRM) software to effectively manage and nurture leads.
• Regularly review and update your marketing and sales strategies to ensure they align with your business goals.

In conclusion, writing a comprehensive business plan is crucial for wealth management firms looking to succeed in the competitive market. By following the nine steps in this checklist, aspiring entrepreneurs can develop a strong foundation for their business and effectively navigate the complexities of the industry. From identifying the target market to outlining marketing strategies, each step plays a vital role in building a successful wealth management firm. By understanding the key components and considerations, entrepreneurs can confidently move forward in pursuit of their business goals and provide exceptional services that meet the needs of their clients.

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Essential requirements in crafting a one-page financial advisor business plan.

August 17, 2015 07:01 am 21 Comments CATEGORY: Practice Management

Executive Summary

In a world where most advisory firms are relatively small businesses, having a formal business plan is a remarkably rare occurrence. For most advisors, they can “keep track” of the business in their head, making the process of creating a formal business plan on paper to seem unnecessary.

Yet the reality is that crafting a business plan is about more than just setting some business goals to pursue. Like financial planning, the process of thinking through the plan is still valuable, regardless of whether the final document at the end gets put to use. In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.

So what should the (one-page) financial advisor business plan actually cover? As the included sample template shows, there are six key areas to define for the business: who will it serve, what will you do for them, how will you reach them, how will you know if it’s working, where will you focus your time, and what must you do to strengthen (or build) the foundation to make it possible? Ideally, this should be accompanied by a second page to the business plan, which includes a budget or financial projection of the key revenue and expense areas of the business, to affirm that it is a financially viable plan (and what the financial goals really are!).

And in fact, because one of the virtues of a financial advisor business plan is the accountability it can create, advisors should not only craft the plan, but share it – with coaches and colleagues, and even with prospective or current clients. Doing so becomes an opportunity to not only to get feedback and constructive criticism about the goals, but in the process of articulating a clear plan for the business, the vetting process can also be a means to talk about the business and who it will serve, creating referral opportunities in the process!

Author: Michael Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth , which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners , a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network , AdvicePay , fpPathfinder , and New Planner Recruiting , the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com , dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Read all of Michael’s articles here .

Why A Business Plan Matters For Financial Advisors

There’s no end to the number of articles and even entire books that have been written about how to craft a business plan , yet in practice I find that remarkably few financial advisors have ever created any kind of formal (written or unwritten) business plan. Given that the overwhelming majority of financial advisors essentially operate as solo practitioners or small partnerships, this perhaps isn’t entirely surprising – when you can keep track of the entire business in your head in the first place, is there really much value to going through a formal process of crafting a financial advisor business plan?

Having been a part of the creation and growth of numerous businesses , I have to admit that my answer to “does a[n individual] financial advisor really need a business plan?” is a resounding yes . But not because you’re just trying to figure out what the basics of your business will be, which you may well have “figured out” in your head (or as the business grows, perhaps figured out in conversations with your partner). The reason a business plan matters is all about focus , and the ability to keep focus in proceeding towards your core objectives, and accountable to achieving them, even in a dynamic real-world environment full of distractions.

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As the famous military saying goes, “ no battle plan ever survives contact with the enemy ”, because the outcomes of battle contact itself change the context, and it’s almost impossible to predict what exactly will come next. Nonetheless, crafting a battle plan in advance is a standard for military leadership. Because even if the plan will change as it’s being executed, having a clearly articulated objective allows everyone, even (and especially) in the heat of battle, to keep progressing towards a common agreed-upon goal. In other words, the objective stated in the battle plan provides a common point of focus for everyone to move towards, even as the (battle) landscape shifts around them. And the business plan serves the exact same role within a business.

Essential Elements Required In A Financial Advisor Business Plan

Because the reality is that in business – as in battle? – the real world will not likely conform perfectly to an extensively crafted business (or battle) plan written in advance, I am not a fan of crafting an extensively detailed business plan, especially for new advisors just getting started, or even a ‘typical’ solo advisory firm. While it’s valuable to think through all the elements in depth – the process of thinking through a business plan is part of what helps to crystallize the key goals to work towards – as with financial planning itself, the process of planning can actually be more valuable than “the plan” that is written out at the end .

Accordingly, for most financial advisors trying to figure out how to write a business plan, I’m an advocate of crafting a form of “one-page business plan” that captures the essential elements of the business, and provides direction about where to focus, especially focus the time of the advisor-owner in particular. In other words, the purpose for a financial advisor business plan is simply to give clear marching orders towards a clear objective, with clear metrics about what is trying to be achieved along the way, so you know where to focus your own time and energy!

Of course, the reality is that what constitutes the most important goals for an advisory firm – as well as the challenges it must surmount – will vary a lot, depending not just on the nature of the firm, but simply on its size, scope, and business stage. Financial advisors just getting started launching a new RIA face very different business and growth issues than a solo advisor who has been operating for several years but now hit a “wall” in the business , and the challenges of a solo advisor are different than those of a larger firm with multiple partners who need to find alignment in their common business goals. Nonetheless, the core essential elements that any business plan is required to cover are remarkably similar.

Requirements For An Effective Financial Advisor Business Plan

While there are many areas that can potentially be covered, the six core elements that must be considered as the template for a financial advisor business plan are:

6 Required Elements Of A (One Page) Business Plan For Financial Advisors 1) Who will you serve? This is the most basic question of all, but more complex than it may seem at first. The easy answer is “anyone who will pay me”, but in practice I find that one of the most common reasons a new advisor fails is that their initial outreach is so unfocused, there’s absolutely no possibility to gain any momentum over time. In the past, when you could cold-call your way to success by just trying to pump your products on every person who answered the phone until you found a buyer, this might have been feasible. But if you want to get paid for your advice itself, you need to be able to demonstrate your expertise. And since you can’t possibly be an expert at everything for everyone, you have to pick someone for whom you will become a bona fide specialist (which also provides crucial differentiation from other advisors the potential client might choose to work with instead ). In other words, you need to choose what type of niche clientele you’re going to target to differentiate yourself. And notably, this problem isn’t unique to new advisors; many established advisors ultimately hit a wall in their business, in part because it’s so time-consuming trying to be everything to everyone, that they reach their personal capacity in serving clients earlier than they ‘should’. Focusing on a particular clientele – to the point that you can anticipate all of their problems and issues in advance – allows the business to be radically more efficient. So who, really , do you want to serve? 2) What will you do for them? Once you’ve chosen who you will serve, the next task is to figure out what you will actually do for them – in other words, what services will you deliver. The reason it’s necessary to first figure out who you will serve, is that the nature of your target niche clientele may well dictate what kind of services you’re going to provide them; in fact, part of the process of identifying and refining your niche in the first place should be to interview a number of people in your niche , and really find out what they want and need that’s important to them (not just the standard ‘comprehensive financial plan’ that too many advisors deliver in the same undifferentiated manner ). For instance, if you’re really serious about targeting retirees, you might not only provide comprehensive financial planning, but investment management services (for their retirement portfolios), a specific retirement income distribution strategy, assistance with long-term care insurance, and guidance on enrolling in Medicare and making decisions about the timing of when to start Social Security benefits . On the other hand, if you hope to work with entrepreneurs, you might need to form relationships with attorneys and accountants who can help facilitate creating new business entities, and your business model should probably be on a retainer basis, as charging for assets under management may be difficult (as entrepreneurs tend to plow their dollars back into their businesses!). If your goal is to work with new doctors, on the other hand, your advice will probably focus more on career guidance, working down a potential mountain of student debt, and cash flow/budgeting strategies. Ultimately, these adjustments will help to formulate the ongoing client service calendar you might craft to articulate what you’ll do with clients (especially if you plan to work with them on an ongoing basis), and the exact business model of how you’ll get paid (Insurance commissions? Investment commissions? AUM fees? Annual retainers? Monthly retainers ? Hourly fees?). 3) How will you reach them? Once you’ve decided who you want to reach, and what you will do for them, it’s time to figure out how you will reach them – in other words, what will be your process for finding prospective clients you might be able to work with? If you’re targeting a particular niche, who are the centers of influence you want to build relationships with? What publications do they read, where you could write? What conferences do they attend, where you might speak? What organizations are they involved with, where you might also volunteer and get involved? If you’re going to utilize an inbound marketing digital strategy as an advisor , what are the topics you can write about that would draw interest and organic search traffic, and what giveaway will you provide in order to get them to sign up for your mailing list so you can continue to drip market to them? In today’s competitive world, it’s not enough to just launch a firm, hang your (virtual) shingle, and wait for people to walk in off the street or call your office. You need to have a plan about how you will get out there to get started! 4) How will you know if it’s working? Once you’ve set a goal for who you want to serve, what you want to do for them, and how you will reach them, it’s time to figure out how to measure whether it’s working. The caveat for most financial advisory businesses, though, is that measuring outcomes is tough because of the small sample size – in a world where you might have to reach out to dozens of strangers just to find a dozen prospects, and then meet with all those prospects just to get a client or two, it’s hard to tell whether a strategy that nets one extra client in a quarter was really a “better strategy” or just random good luck that won’t repeat. As a result, in practice it’s often better to measure activity than results , especially as a newer advisory firm. In other words, if you think you’ll have to meet 10 Centers Of Influence (COIs) to get introductions to 30 prospects to get 3 clients, then measure whether you’re meeting your activity goals of 10 COIs and 30 prospect meetings, and not necessarily whether you got 2, 3, or 4 clients out of the last stint of efforts. Not that you shouldn’t ultimately have results-oriented goals of clients and revenue as well, but activity is often the easier and more salient item to measure, whether it’s phone calls made, articles written, subscribers added to your drip marketing list, prospect meetings, COI introductions, or something else. So when you’re defining the goals of your business plan, be certain you’re setting both goals for the results you want to achieve, and the key performance indicator (KPI) measures you want to evaluate to regarding your activities along the way? 5) Where will you focus your time in the business? When an advisory firm is getting started, the role of the advisor-as-business-owner is to do “everything” – as the saying goes, you’re both the chief cook and the bottle washer . However, the reality is that the quickest way to failure in an advisory firm is to get so caught up on doing “everything” that you fail to focus on the essential activities necessary to really move the business forward (that’s the whole reason for having a plan to define what those activities are, and a measure to determine whether you’re succeeding at them!). Though in truth, the challenge of needing to focus where you spend your time in the business never ends – as a business grows and evolves, so too does the role of the advisor-owner as the leader, which often means that wherever you spent your time and effort to get your business to this point is not where you need to focus it to keep moving forward from here. From gathering clients as an advisor to learning to transition clients to another advisor, from being responsible for the firm’s business development to hiring a marketing manager, from making investment decisions and executing trades to hiring an investment analyst and trader. By making a proactive decision about where you will spend your time, and also deliberately deciding what you will stop doing, it also becomes feasible to determine what other resources you may need to support you, in order to ensure you’re always spending your time focused on whatever is your highest and best use. In addition, the process can also reveal gaps where you may need to invest into and improve yourself, to take on the responsibilities you haven’t in the past but need to excel at to move forward from here. 6) How must you strengthen the foundation? The point of this section is not about what you must do to achieve the goals you’ve set, but what else needs to be done in the business in order to maximize your ability to make those business goals a reality. In other words, if you’re going to focus your time on its highest and best use in the business, what foundation to you need to support you to make that happen? If you’re a startup advisory firm, what business entity do you need to create, what are the tools/technology you’ll need to launch your firm , and what licensing/registrations must you complete? Will you operate with a ‘traditional’ office or from a home office , or run an entirely virtual “location-independent” advisory firm ? What are the expenses you’re budgeting to operate the business? If you’re an advisor who’s hit a growth wall , what are the essential hire(s) you’ll make in the near future where/how else will you reinvest to get over the wall and keep moving forward? At the most basic level, the key point here is that if you’re going to execute on this business plan to move the business forward from here, you need a sound foundation to build upon – so what do you need to do to shore up your foundation, so you can keep building? But remember, the goal here is to do what is necessary to move forward, not everything ; as with so much in the business, waiting until perfection may mean nothing gets done at all.

Creating A Budget And Financial Projections For Your Advisory Business

In addition to crafting a (one-page) financial planner business plan, the second step to your business planning process should be crafting a budget or financial projection for your business for the upcoming year (or possibly out 2-3 years).

Key areas to cover in budget projections for a financial advisory firm are:

Revenue - What are the revenue source(s) of your business, and realistically what revenue can you grow in the coming year(s)? - If you have several types of revenue, what are you goals and targets for each? How many hourly clients? How much in retainers? How much in AUM fees? What commission-based products do you plan to sell, and in what amounts? Expenses - What are the core expenses to operate the business on an ongoing basis? (E.g., ongoing salary or office space overhead, core technology you need to operate the business, etc.) - What are the one-time expenses you may need to contend with this year? (Whether start-up expenses to launch your advisory firm , new hires to add, significant one-time projects to complete, etc.)

An ongoing advisory firm may project out for the next 1-3 years, while a newer advisors firm may even prefer a more granular month-by-month budget projection to have regular targets to assess.

Ultimately, the purpose of the budgeting process here is two-fold. The first reason for doing so is simply to have an understanding of the prospective expenses to operate the business, so you can understand if you do hit your goals, what the potential income and profits of the business will be (and/or whether you need to make any changes, if the business projections aren’t viable!). The second reason is that by setting a budget, for both expenses and revenue, you not only set targets for what you will spend in the business to track on track, but you have revenue goals to be held accountable to in trying to assess whether the business is succeeding as planned.

Vetting Your Business Plan By Soliciting Constructive Criticism And Feedback

The last essential step of crafting an effective financial planner business plan is to vet it – by soliciting feedback and constructive criticism about the gaps and holes. Are there aspects of the financial projections that seem unrealistic? Is the target of who the business will serve narrow and specific enough to be differentiated, such that the person you’re talking to would clearly know who is appropriate to refer to you? Are the services that will be offered truly unique and relevant to that target clientele, and priced in a manner that’s realistically affordable and valuable to them?

In terms of who should help to vet your financial advisor business plan, most seem to get their plan vetted by talking to a business coach or consultant to assess the plan. While that’s certainly a reasonable path, another option is actually to take the business plan to fellow advisors to vet, particularly if you’re part of an advisor study (or “mastermind”) group ; the reason is that not only do fellow advisors have an intimate understanding of the business and potential challenges, but if their target clientele is different than yours, it becomes an opportunity to explain what you do and create the potential for future referrals! In other words, “asking for advice on your business plan” also becomes a great opportunity to “tell you about who I work with in my business that you could refer to me” as well! (In fact, one of the great virtues of a clearly defined niche practice as an advisor is that you can generate referrals from other advisors who have a different niche than yours !)

Similarly, the reality is that another great potential source for feedback about your business plan are Centers of Influence already in your niche in the first place. While you might not share with your potential clients the details of your business financial projections (which is why I advocate that those be separate from the one-page business plan), the essential aspects of the business plan – who you will serve, what you will provide them, how you will charge, and how you will try to reach them – is an area that the target clientele themselves may be best positioned to provide constructive feedback. And in the process, once again you’ll effectively be explaining exactly what your niche business does to target clientele who could either do business with you directly, or refer business to you , even as you’re asking for their advice about how to make the business better (to serve people just like them!). So whether it’s people you’re not yet doing business with but want to, or an existing client advisory board with whom you want to go deeper, vetting your plan with prospective and current clients is an excellent opportunity to talk about and promote your business, even as you’re going through the process of refining it and making it better!

And notably, the other benefit of vetting your business plan with others – whether it’s a coach, colleague, prospects, or clients – is that the process of talking through the business plan and goals with them also implicitly commits to them that you plan to act on the plan and really do what’s there. In turn, what this means is that once you’ve publicly and openly committed to the business plan with them, it’s now fair game for them to ask you how it’s going, and whether you’re achieving the goals you set forth for yourself in the plan – an essential point of accountability to help you ensure that you’re following through on and executing the business plan you’ve created!

So what do you think? Have you ever created a formal business plan for yourself? If you have, what worked for you – a longer plan, or a shorter one? If you haven’t created a business plan for yourself, why not? Do you think the kind of one-page financial advisor business plan template articulated here would help? Have you checked out our financial advisor business plan sample template  for yourself? Do you have a financial advisor business plan example you're willing to share in the comments below?

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Private Wealth Management Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Financial Services

Are you about starting a wealth management company? If YES, here is a complete sample wealth management firm business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a wealth management firm. We also took it further by analyzing and drafting a sample wealth management firm marketing plan template backed up by actionable guerrilla marketing ideas for wealth management companies. So let’s proceed to the business planning section .

If you are interested in managing wealth for clients and you have some form of financial expertise and certifications, one of the businesses that you can conveniently start is a wealth management firm. No doubt starting a wealth management firm might not be as easy as it sounds, but if you are determined and hardworking, you will sure achieve your aim of owning a wealth management firm.

Starting a wealth management firm requires moderate startup capital and it can be considered to be a very profitable venture especially if you are good at discovering investment opportunities with good returns on investments. As a wealth management firm, your responsibility is to manage wealth and portfolios for your clients; you are to manage assets for investment vehicles such as mutual funds, hedge funds and insurance products et al.

Now that you have decided to start your own wealth management firm, it is important that you sit back to create plans on how to raise start – up capital, how to attract clients, how to generate profits and how to run the business. These are the questions your business plan will help you answer.

Below is a sample wealth management firm business plan template that will help you successfully write yours with little or no stress;

A Sample Private Wealth Management Firm Business Plan Template

1. industry overview.

Establishments in the Portfolio cum Wealth Management industry are known to primarily manage assets for her clients; they are known to manage assets for investment vehicles such as mutual funds, hedge funds and insurance products et al.

Wealth managers have the authority to make investment decisions and generate revenue through fees that are based on service and portfolio performance.

If you are a close observer of happenings in the Portfolio Management industry, you will agree that the unprecedented severity of the financial crisis and subsequent recession has contrasted the Portfolio Management industry’s recovery since, particularly in 2013, resulting into fluctuation in the revenue generated in the industry.

In the meantime, the profit in the industry has declined and this can be attributed to increased competition and shifting preferences, placing downward pressure on fees. Going forward, the revenue generated in the industry is projected to increase, largely due to the historic highs in equity markets.

So also, improved market conditions are expected to push up stock returns and bond yields, resulting to remarkable growth for the Portfolio Management industry.

The Portfolio Management / Wealth Management Industry are a very large and thriving industry not only in the developed nations, but also in developing and under developing countries of the world. Statistics has it that the Portfolio Management Industry in the united states of America, is worth $249 billion, with an estimated growth rate of 4.8 percent within 201 and 2016.

There are about 17,743 registered and licensed portfolio management / wealth management firms scattered all across the United States and they are responsible for employing about 188,830people. It is important to state that there is no company with a dominant market share in this industry; the industry is open for fair competitions for the available market.

A recent report published by IBISWORLD shows that the Mid-Atlantic region is estimated to account for 20.8 percent of total industry establishments. They stated that the region is the most important geographic segment for investment bankers and securities dealers, whom industry operators attract assets from.

The report further stated that some of the industry’s largest players, including Blackrock, are headquartered in the region due to its geographic proximity to an array of downstream corporate headquarters, financial intermediaries and exchanges. Prestige and branding also play an important role in this industry, with New York City housing many of the industry’s prominent players.

Lastly, even though the Portfolio Management industry is open for aspiring entrepreneurs to launch their business, it is important to state that experience and qualifications is key to the success of new players in the industry; you would need a good track records coupled with trust to attract people and businesses to commit their wealth into your care to manage on their behalf.

2. Executive Summary

Jonah Kent & Co® Wealth Management, LLP is a registered, licensed and accredited wealth management firm that will be based in New York City – New York. We have been able to secure a well – furnished office facility in a busy business district in New York City – New York.

The company will handle all aspect of portfolio management services such as large cap equity asset management, fixed-income asset management, equity specialties asset management, alternatives asset management and portfolio / wealth management consultancy and advisory services. We are aware that to run a standard wealth management firm can be demanding which is why we are well trained, certified and equipped to perform excellently well.

Jonah Kent & Co® Wealth Management, LLP is a client – focused and result driven venture capitalist firm that provides broad – based services. We will offer trusted and profitable wealth cum portfolio management services to all our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Jonah Kent & Co® Wealth Management, LLP, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in wealth management line of business and other investment portfolios with good track record of return on investments.

Jonah Kent & Co® Wealth Management, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in the wealth management line of business in the whole of New York City, and also to be amongst the top 20 wealth management firms in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that New York is the right place to launch our wealth management business before expanding our services to clients in other cities in The United States of America.

Jonah Kent & Co® Wealth Management, LLP is founded by Jonah Kent and his business partners for many years John Vardy. The organization will be managed by both of them since they have adequate working experience to manage such business.

Jonah Kent has well over 15 years of experience working at various capacities as a portfolio manager for leading investment banks and related firms in the United States of America. Jonah Kent graduated from both University of California – Berkley with a Degree in Accountancy, and University of Harvard (MSc.) Financial Management and he is an accredited and certified portfolio manager.

3. Our Products and Services

Jonah Kent & Co® Wealth Management, LLP is established with the aim of maximizing profits in the Portfolio cum Wealth Management industry. We want to compete favorably with the leading portfolio cum wealth management firms in the United States which is why we have but in place a competent team that will ensure that we meet and even surpass our customers’ expectations.

We will work hard to ensure that Jonah Kent & Co® Wealth Management, LLP is not just accepted in New York City – New York, but also in other cities in the United States of America where we intend opening our offices. We are in the Portfolio cum Wealth Management industry to make profits and we will ensure that we do all that is permitted by the law in the United States of America to achieve our aims and ambitions of setting up the business

Our services and products are listed below;

• Large cap equity asset management
• Fixed-income asset management
• Equity specialties asset management
• Alternatives asset management
• Large-cap equity, government fixed income and structured products
• Equity specialties and fixed income products
• ETFs and passively-managed products
• Alternatives
• Solutions Products and Other (target date products and LDIs)
• Related investment consulting and advisory services

4. Our Mission and Vision Statement

• Our vision is to build a wealth management brand that will become one of the top choices for individual and corporate clients in the whole of New York City – New York and throughout the United States. Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to position the business to become one of the leading brands in the Portfolio cum Wealth Management industry in the whole of New York City, and also to be amongst the top 20 wealth management firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard wealth management firm in New York City – New York, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we put in place stand operating processes and structure.

Jonah Kent & Co® Wealth Management, LLP we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company.

The picture of the kind of the wealth management firm we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around New York and environs as long as they are willing and ready to work with us to achieve our business goals and objectives.

Below is the business structure that we will build Jonah Kent & Co® Wealth Management, LLP on;

• Chief Executive Officer

Chief Financial Officer (CFO) / Chief Accounting Officer (CAO)

• Wealth / Portfolio Managers

Admin and HR Manager

Risk Manager

• Marketing and Sales Executive
• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Portfolio / Wealth Managers

• Provides market research and implementing new investment product and strategies
• Create research and review platforms for new, existing and potential investment products
• Exceeds client expectations with returns on investments
• Work closely with analysts and traders to ensure trading strategy is carried out correctly
• Construct and review performance reports to show to investors
• Works directly with marketer to relay investment strategy and risk measures for website and other forms of marketing
• Performs due diligence visits and assessing investment management firms and quantitatively analyzing investment pools
• Has extensive knowledge of industry policies and regulations set in place by the SEC
• Focuses on capital introductions and networking to sign up new investors to the organization
• Plans, designs and implements an overall risk management process for the organization;
• Risks assessment, which involves analyzing risks as well as identifying, describing and estimating the risks affecting the business;
• Risks evaluation, which involves comparing estimated risks with criteria established by the organization such as costs, legal requirements and environmental factors, and evaluating the organization’s previous handling of risks;
• Establishes and quantifies the organization’s ‘risk appetite’, i.e. the level of risk they are prepared to accept;
• Risks reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;
• Handles corporate governance involving external risk reporting to stakeholders;
• Carries out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong;
• Conducts audits of policy and compliance to standards, including liaison with internal and external auditors;
• Provides support, education and training to staff to build risk awareness within the organization.
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.

Marketing / Investor Relations Officer

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distributes mails in the organization
• Handles any other duties as assigned by the line manager

6. SWOT Analysis

Jonah Kent & Co® Wealth Management, LLP engaged the services of a core professional in the area of business structuring to assist our organization in building a well – structured wealth management firm that can favorably compete in the highly competitive Portfolio cum Wealth Management industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Jonah Kent & Co® Wealth Management, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Jonah Kent & Co® Wealth Management, LLP;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money (good returns on their investment) and also to increase our annual returns; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new wealth management firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated Portfolio cum Wealth Management industry that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

• Opportunities:

The opportunities in the Portfolio cum Wealth Management industry is massive considering the number of corporate organizations and individual clients who would want their business portfolios and wealth to be properly managed. As a standard and accredited wealth management firm, we are ready to take advantage of any opportunity that comes our way.

Wealth management firm services involves large amount of cash and it is known to be a very high risk venture, Hence, whoever chooses to manage it must not just have solid investment background, but must also know how to handle risks and discover potential thriving businesses and opportunities. The truth is that if you are not grounded in risks management as a wealth manager, you may likely throw away peoples’ monies and investment.

Just as in any other business and investment vehicles, economic downturn, unstable financial market and unfavorable government economic policies can hamper the growth and profitability of wealth management firms.

7. MARKET ANALYSIS

• Market Trends

If you are a close observer of the trends in the Portfolio Management industry, you will agree that the unprecedented severity of the financial crisis and subsequent recession has contrasted the Portfolio Management industry’s recovery since, particularly in 2013, resulting into fluctuation in the revenue generated in the industry.

So also, improved market conditions are expected to push up stock returns and bond yields, resulting to remarkable growth for the Portfolio Management industry. On the average, it is trendy to find wealth management firms locate their offices in a financial hub and also employ strategies that can help them reduce market risk specifically by shorting equities or through the use of derivatives.

8. Our Target Market

The main reasons for starting a wealth management firm is obviously to provide help our corporate and individual clients manage their business portfolio and wealth. The truth is that it takes a core professional to be able to identify investment vehicles with fewer risks that can give good returns on investment.

As a standard, accredited and licensed wealth management firm, Jonah Kent & Co® Wealth Management, LLP offers a wide range of investment portfolio management services hence we are well trained and equipped to services a wide range of clientele base and start – ups.

Our target market cuts across businesses and investors that has the required capital to invest in start – ups and other investment portfolios. We are coming into the industry with a business concept and investment strategies that will enable us produce good returns on investment for ourselves and our clients.

Below is a list of the individual and organizations that we have specifically design our products and services for;

• Celebrities
• Business man and women
• Small and medium scales businesses
• Accredited Investors
• Start – ups
• Investment Clubs
• Top corporate executives
• Corporate Organizations / Blue Chip Companies

Our competitive advantage

Despite the fact that wealth management firms’ investment strategies give huge returns on investment, you just have to choose the right wealth managers. If you drive through the street of New York City, you will come across several wealth management firms and related business ventures; that goes to show you that there are competitions at different levels in the industry.

For you to survival as a wealth management firm, you should be able to come up with workable investment strategies; strategies that will help you attract the required cash / capital and above all you should be a good risks manager and one that can spot a potential thriving investment opportunity from afar.

We are quite aware that to be highly competitive in the Portfolio cum Wealth Management industry means that we should be able to give good returns on investments to our clients, turn around the fortune of a dying company for good , spot potential successful business opportunities and invest in them, deliver consistent quality service, our clients should be satisfied with our investment strategies and we should be able to meet the expectations of clients.

Jonah Kent & Co® Wealth Management, LLP might be a new entrant into the Portfolio cum Wealth Management industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified portfolio management experts in the United States. These are part of what will count as a competitive advantage for us. So also, our office facility is strategically located in the commercial capital of the world.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups wealth management businesses) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Jonah Kent & Co® Wealth Management, LLP is established with the aim of maximizing profits in the Portfolio cum Wealth Management industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis.

Jonah Kent & Co® Wealth Management, LLP will generate income by offering the following investment related services and products;

10. Sales Forecast

One thing is certain, there would always be accredited investors, small scale and medium scale businesses and wealthy individuals who would need the services of tested and trusted portfolio cum wealth management firms.

We are well positioned to take on the available market in New York City and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City to other cities in the United States of America.

We have been able to critically examine the Portfolio cum Wealth Management industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City.

Below are the sales projection for Jonah Kent & Co® Wealth Management, LLP, it is based on the location of our business and the wide range of investment management services that we will be offering;

• First Fiscal Year-: $550,000
• Second Year-: $ 1 Million
• Third Year-: $2 Million

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiffer competitions amongst wealth management firms and other related financial investment cum consulting service providers in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our return on investment and excellent job deliveries speaks for us in the market place; we want to build a standard wealth management business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our wealth management firm to become one of the top 20 wealth management firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the New York City but also in other cities in the United States of America.

Jonah Kent & Co® Wealth Management, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, start – ups, accredited investors, entrepreneurs and key stake holders in New York City and other cities in The United States
• Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local finance and business expos, seminars, and business fairs et al
• Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver good returns on investment
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients
• Join local chambers of commerce and industries in our city with the aim to networking and marketing our services

11. Publicity and Advertising Strategy

The uniqueness of the Portfolio cum Wealth Management industry is such that it is the result they produce that helps boost their brand awareness. Wealth management firms do not go out there to source any businesses or investors that they can come across but they are strategic when it comes to sourcing for clients to work with.

It will be out of place to boost your wealth management firm brand if you have not proven your worth in the industry. If you have successfully proven that you have what it takes to operate a successful wealth management firm, then you next port of call is to strategically engage the media to help you promote your brand and also to create a positive corporate identity.

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the Portfolio cum Wealth Management industry by storm which is why we have made provisions for effective publicity and advertisement of our wealth management firm.

Below are the platforms we intend to leverage on to promote and advertise Jonah Kent & Co® Wealth Management, LLP;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around New York City.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Portfolio cum wealth management firms are known to generate income from various investment portfolios hence there are no pricing models for this type of business . But on the other hand, they tend to negotiate with their financial partners on percentage whenever they invest their hard-earned money in an investment vehicle and also from consultancy fees.

At Jonah Kent & Co® Wealth Management, LLP we will ensure that we give good returns on investment (ROI) and always maximize profits. As regards consultancy fees, we ensure that we abide by what is obtainable in the industry.

• Payment Options

The payment policy adopted by Jonah Kent & Co® Wealth Management, LLP is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Jonah Kent & Co® Wealth Management, LLP will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for all our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.

13. Startup Expenditure (Budget)

When it comes to calculating the cost of starting a wealth management firm, there are some key factors that should serve as a guide.

Besides, in setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The business tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a wealth management firm; it might differ in other countries due to the value of their money.

Below are some of the basic areas we will spend our start – up capital in setting up our wealth management firm;

• The total fee for incorporating the Business in the United States of America – $750.
• The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400
• The amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000
• The total cost for hiring Business Consultant – $2,500
• The cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
• Marketing promotion expenses for the grand opening of Jonah Kent & Co® Wealth Management, LLP in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for purchase of the required software applications (Investment tracking Software, Payroll Software, CRM software, and Accounting Software et al) – $10,500
• The cost of launching our official Website – $600
• Budget for paying at least three employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a small scale but standard wealth management firm in the United States of America. Please note that the salaries of all our staff members for the first month is included in the expenditure.

Generating Funds / Startup Capital for Jonah Kent & Co® Wealth Management, LLP

No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through.

Jonah Kent & Co® Wealth Management, LLP is a business that will be owned and managed by Jonah Kent and John Vardy, his business partner for many years. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 ( Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Jonah Kent & Co® Wealth Management, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to give our clients good returns on their investment and to properly manage their investment portfolios.

We will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Securing a standard office facility in New York City: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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Wealth management is a corporate business that involves an advisory service that combines several other financial services to address the needs of its clients. It’s an entire process that involves consultation and information gathering to be able to come up with a specific strategy that uses a range of financial products as well as services. When approaching different cases of wealth management , a holistic approach is often taken t0 meet the specific needs of a client. These needs vary from one client to another, and would usually range between  investment advice, estate planning, to accounting, retirement, and tax services .

Wealth Management Business Plan

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Businesses are already very complicated entities to manage, even more when you have a venture that aims to handle the finances of your own clients. Starting a business within the realms of coaching, consultation , and management can be really expensive and quite difficult to find your place. It can be quite the chore to keep track of everything that needs to be taken care of, to make sure that every component is taken into account. That is why for most businesses and ventures, it is very important to be able to come up with a comprehensive enough layout or a plan for their own business. Regardless if the venture is a startup business or not. A well-laid out plan helps with keeping everybody on track for the entire duration of the business, especially managers and supervisors since they often oversee all business operations. A well written business plan can do wonders for the sake of your business. Letting you move forward without much of a struggle.

Running a business without a business plan is highly discouraged. That’s because doing so is synonymous to doing something without a clear goal in mind. Without a path to follow. Without direction. And business plans give you that kind of direction. Aside from that, it also provides you with a whole another set of benefits, like including, but not limited to, being able to come up and experiment with new ideas without having to invest too much time and resources on experimentation since you’ve already got that part covered in your business plan. Before you actually begin writing the document, check out these wealth management business plan samples that we have listed down below first, and when you’ve acquainted yourself with the document pretty good, feel free to use these samples as guides or maybe even as templates for when you decide to write your own wealth management business plan.

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A business plan is essentially a document that presents how a business would define their own objectives and what steps are the management willing to take to reach the goals that they have set. A business plan works like a guideline that the company can follow depending on the the inputs provided by their own respective departments like marketing, financial, and operational. Aside from being a document that guides the entirety of business operations, a business plan can also be used to attract potential business partners and investors even before the company has been properly established, making the document even more valuable, especially for new businesses and startup companies. Though that doesn’t mean that a business plan is only for startup ventures.

Every company should be able to draft their own business plan so that they have a document that they can regularly review and update to see if they are any closer to the goals that they have projected and inspect how the circumstances that they have been working on has changed over time. A well drafted business plan should be able to outline the estimated costs of the project as well as its projected outcomes. It should also be able to assess the potential pitfalls that a decision from the management may have. Despite being used prominently in the business and corporate industry, it is still pretty rare to see two different business plans from two different companies to be completely identical because every organization faces their own unique problems, which then leads to unique solutions for those problems.

The length of your business plan differs depending on the nature and the scope of the business that your plan will focus on. Though it is pretty common for business plans to be around 15 to 20 pages long. And even if no two business plans are completely alike, they still operate with about the same elements. These elements are listed and will be discussed in more detail down below.

A business plan should begin with a paragraph that presents the company and what the organization stands for. This section is called the executive summary, and executive summaries present the mission-vision values of the company itself, the overall company leadership, employee operations, and where the business is generally located.

The following section should then contain a list of the products and services that the company is currently offering. It should include the list of prices, product lifespan, duration of services, as well as the benefits that the client may have once they choose to do business with your company. You can also include other components like manufacturing and production processes if you think it is necessary.

Every business needs to have a perfectly clear understanding of their own customer base and its respective demographic. Market analyses will give you an idea of who or what the competition is, and how difficult it would be to overtake them.

After analyzing your market, identify the strategies that you think are necessary to attract your target market and your plans on how to keep them engaged with your business. Outline a clear distribution channel to show how the management plans to reach out to your customers, as well as inspect the marketing and advertising campaigns that you plan to put in place.

Financial plans can be very attractive especially for investors and potential business partners who wish to be a part of a company that has the capabilities to return a good investment. You should be able to include your financial statements, balance sheets, and other relevant financial information.

A company needs to have a budget in place to operate properly. Your budget should be able to showcase the costs, manufacturing, development, and the expenses that your business will  make.

A wealth manager provides financial advice to high net-worth clients. They conduct financial planning, investment management, and assists with preserving and generating wealth.

If you really think about it, the difference of the two is already in its name.  Asset Management concerns with assets like cash, stocks, bonds, and real estate, while Wealth Management concerns all aspects of wealth including tax, business, and legacy issues.

Financial advisors typically earn a lot from their clients. Private wealth managers can easily make around $500,000 from one client.

Another thing to remember about a business plan is that the document is not supposed to be left static. The writing process does not stop once all components are written and put into paper. It’s a live document, meaning that the business plan should be reviewed and updated over time. It should be able to adapt to the changes within the business and how the business operates, as well as its own environment.

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Wealth Management Business Plan Template

Download this Wealth Management Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

Are you in the business of sustaining the growth of long-term wealth of an organization or company? If so, then download our premium Wealth Management Business Plan Template that you can use instantly anytime, anywhere, at any device. This template is perfect for businesses that combine both financial planning and specialized financial services, including personal retail banking services, estate planning, legal and tax advice, and investment management services. The file is professionally-designed to help you create a document that lets you understand the potential risks and rewards of this kind of business. It is easy to use and fully customizable to suit your needs, so avail today!

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Sample Wealth Management Firm Business Plan

• November 20, 2022

ASSET & WEALTH MANAGEMENT BUSINESS PLAN SAMPLE

As the financial services sector grows, a growing number of people have become increasingly dependent on its wide range of services. This is cheering news for anyone having such skills.

Do you fall under this category? If yes, read on.

Our wealth management business plan has been written specifically for you. We understand the value of a good plan.

Hence this sample gives you the basics of all you need.

After following this guide, also consider its full implementation. This is the icing on the cake.

In other words, it enhances your chances for success.

Here is a sample business plan for starting a wealth management company.

Executive Summary

Fidelity Investments is a financial advisory service that offers a wide range of products. Our team is made up of highly qualified experts. Also, these have been carefully picked to reflect our brand.

Our corporate headquarters will be situated in the heart of New Jersey. This is due to the high demand for our services by both individual and corporate clients.

Also, we are driven by service excellence. Hence, client satisfaction is our major goal.

What more? We seek to expand beyond New Jersey. This will involve spreading our presence to more states.

Wealth management services are varied. Consequently, we will offer several of such. A few of these include investment planning, tax planning , education planning,  retirement planning, and debt management.

Others are special situations, asset preservation, estate planning, and insurance. Although such services are vital, we aren’t restricting ourselves. We are open to developing further solutions to financial situations that may arise.

Our Mission

Our mission is simple! To provide top-notch financial advisory services . This will be achieved using industry best practices. This has influenced our actions towards sourcing the best hands.

As a result, nothing short of the best is to be given. This reflects the importance of what we do. It also shows the value we attach to our clientele.

We treasure competitiveness. Hence we are open to innovations. By this, we’ll be able to compete favorably.

Therefore our goal is to break into the ranks of major financial services providers. This isn’t without a target. So, we have a five-year timeframe within which this will be achieved. This also involves a lot of work.

Only with adequate financing can we achieve our target. So, we have explored ways through which sufficient funds can be raised. To become fully operational, we need the sum of $780,000.00. This will be used in the purchase of office equipment.

Other equipment will include software, computers, and renting an office space. These expenses should gulp about 70% of the total sum. 30% will be channeled towards running expenses. This also covers the wage bill.

SWOT Analysis

We have been careful to identify our areas of strength and weaknesses. These are crucial to our performance.

Therefore we have hired the services of experts to examine critical performance indices. As expected, these have provided useful insights. So what are they? They consist of the following;

  i. Strength

Knowing our strength has enabled us to redouble our efforts. Hence by increasing efficiency, we will be improving our service delivery. Such areas of strength lie in our manpower quality. Also, our business structure allows for greater efficiency. The latter helps tremendously in achieving sustainable growth.

ii. Weakness

While others dread weakness, we see opportunities to improve. Therefore knowing our specific weakness (s) has given us an edge for improvement. This is what we have done. Our weaknesses have been identified to include our current size or capacity. This may limit our re.

In other words, this may overstretch our operations. But there’s a remedy. We are determined to improve capacity within a short time from the start of operations.

iii. Opportunities

Are there opportunities? Of course, there are! The rising need for our services is what gives us much confidence.

The better the advisory service, the greater the demand. Also, our wide contacts are an asset. It allows for greater networking. This directly impacts patronage.

iv. Threats

Threats are common to businesses. In our case, this comes in the form of tight fiscal policies or regulations. There is also a growing recession threat. These are real dangers we have to deal with.

Although such is the case, the positives outweigh the negatives.

Competitive Advantage

There is an influx of wealth management services. However, this doesn’t limit our operations. We have designed several financial packages to enhance our capacity.

In addition to this, we are open to innovations. We seek to be at the forefront of innovative services.

Our clear edge lies in the experience of our financial experts. These are people with significant skills and experience. They also have prior industry experience.

With these, we are certain that we will create a more diverse industry.

Sales Projection

Sales are impacted by patronage. This is crucial. Consequently, we have studied industry trends to get a better picture of profitability. A three-year period was covered and has brought out some positive news.

Our findings are summarised in the chart shown below;

• First Financial Year.      $300,000.00
• Second Financial Year. $580,000.00
• Third Financial Year.     $1,200,000.00

Marketing Strategies

Marketing is part and parcel of sales. Without this, little or nothing will be achieved.

To boost sales, we have a marketing plan in place. This will be coordinated by our marketing department. It includes the use of print and electronic advertising. Other strategies include the use of social media, as well as a website.

In summary, these are the approaches we will take.

This wealth management business plan sample offers a simplified approach. We are optimistic that it would help you put together a clear plan of action. We also recommend that you don’t rush the process.

You need proper brainstorming as well as implementation after it is written.

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Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

This sample plan was created for a hypothetical investment company that buys other companies as investments.  In this sample, the hypothetical Venture Capital firm starts with $20 million as an initial investment fund.  In its early months of existence, it invests $5 million each in four companies.  It receives a management fee of two percent (2%) of the fund value, paid quarterly.  It pays salaries to its partners and other employees, and office expenses, from the management fee.

The investments show up in the Cash Flow table as the purchase of long-term assets, which also puts them into the balance sheet as long-term assets.  You can see them in this sample plan, in the first few months.

In the third year, one of the target companies fails, so $5 million is written off as failure.  You’ll see how that looks as a $5 million sale of long-term assets in the cash flow, and a balancing entry of $5 million in costs of sales in the profit and loss, making for a loss and write-off that year.  The result is a tax loss, and the balance of investments goes to $15 million.

In the fifth year, one of the target companies is transacted at $50 million.  You’ll see in the sample how that shows up as a $45 million equity appreciation in the sales forecast, plus a $5 million sale of long-term assets in the cash flow.  At that point there’s been a $45 million profit, and the balance of long-term assets goes down to $10 million.

This is a simplified example.  The business model holds long-term assets and waits for them to appreciate.  It doesn’t show appreciation of assets until they are finally sold, and it doesn’t show write-down of assets until they fail.  Sales and cost of sales are the appreciation and write-down of assets, plus the management fees.

The explanation above has been broken down and copied into key topics in the outline that are linked to corresponding tables.  These topics are:

• 2.2     Start-up Summary
• 5.5.1  Sales Forecast
• 6.4     Personnel
• 7.4     Projected Profit and Loss
• 7.5     Projected Cash Flow
• 7.6     Projected Balance Sheet

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Content has been omitted from this sample plan topic, and following sub-topics.  This sample plan has an abbreviated plan outline.  With the exception of the Executive Summary, only those topics linked to key tables have been used.

The focus of this sample plan is to show the financials for this type of company.  Brief descriptions can be found in the topics associated with key tables.

2.1 Start-up Summary

This hypothetical Venture Capital firm starts with $20 million as an initial investment fund.  The venture capital partners invest $100,000 as working capital needed to balance the cash flow from quarter to quarter. 

Market Analysis Summary how to do a market analysis for your business plan.">

Strategy and implementation summary, sales forecast forecast sales .">.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

7.1 personnel plan.

This hypothetical company pays salaries to its partners and other employees, and office expenses, from the management fee of two percent (2%).

Financial Plan investor-ready personnel plan .">

8.1 projected profit and loss.

Please note that in the third year one investment is written off as a failure, producing a $5 million cost which ends up showing a loss for the year of nearly $5 million.  The sale of equity at the end of the period enters the sales forecast and the profit and loss statement as a $45 million gain. 

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8.2 Projected Cash Flow

The Cash Flow shows four $5 million investments made in the first few months of the plan. 

In the third year, one of the target companies fails, so $5 million is written off as failure.  You’ll see that shows as a $5 million sale of long-term assets in the cash flow, and a balancing entry of $5 million in costs of sales in the profit and loss, making for a loss and write-off that year.  The result is a tax loss, and the balance of investments goes to $15 Million.

In the fifth year, another investment is transacted at $50 million.  This shows up as a $5 million equity appreciation in the Sales Forecast, plus a $5 million sale of long-term assets in the Cash Flow.  At that point there’s been a $45 million profit and the balance of long-term assets goes down to $10 million. 

The partners invest an additional $100,000 in the fourth year as additional working capital to balance the cash flow of the company. 

8.3 Projected Balance Sheet

You can see in the balance sheet how the ending balances for long-term assets were not re-valued.  They remain at the original purchase price until they are sold, or written off as a complete loss.  There is a $5 million write-off in the third year, and a sale of $5 million worth of assets in the last year.  That sale of $5 million in assets produces the $5 million sale at book value plus the $45 million gain in the sales forecast and profit and loss table.

8.4 Business Ratios

The Standard Industry Code (SIC) for this type of business is 7389, Business Services.  The Industry Data is provided in the final column of the Ratios table. 

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