In 2018, I didn’t know what an IRA was. I was a full-time musician looking for better work-life balance and a way to eat dinner with my family every night. I started learning about financial planning by joining personal finance Facebook groups, binge-listening to podcasts, and enrolling in a CFP^® education program before landing my first job at an independent RIA.

As I learned from the ground up, I created a financial education blog where I tightened my own knowledge while helping others, but without a sales pitch. My blog and online community engagement led to unexpected demand, and by 2021, I was getting a steady stream of prospective client inquiries. That made me realize that I could actually launch my own firm, Measure Twice Financial.

Launching your own successful financial planning practice may feel daunting, but I’ve learned some lessons along the way that I hope will help you in your journey to start your firm.

Tips for Getting Started

1. You don’t need a big budget or a big brain to launch and grow a successful financial planning practice.

What you do need is:

• A clear vision of who you want to serve
• A deep understanding of how they want to be helped
• The courage to lead with your values

For example, I decided to serve DIY investors who are on the path to early retirement within five years. I chose an advice-only financial planning approach based on my ideal client’s preference to gain clarity and confidence in implementing their own well-informed decisions. My core values are generosity, transparency, and curiosity—which are also the values that are important to my clients. By aligning your values with those of your ideal client and understanding how they want to be helped, you will set the stage for strong advisor-client relationships in the future.

2. Identify your ideal life and set intentional boundaries from day one.

Start with a blank calendar. First, block out how you want to spend your personal time. After that, build your business with the time remaining. This exercise will help prevent the common scenario of trying to fit your personal life around your business demands. By flipping the script, you can fit your business around the life you aspire to lead.

Next, consider whether there are any other boundaries you want to set. For example, I chose to prioritize deep work by eliminating phone calls from my business. All client communication is conducted through email and scheduled video calls. This helps me protect my focus for deep work while also being fully present during client communication within my preferred hours.

3. Understand your desired balance between technician, manager, and entrepreneur.   

In The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It, Michael Gerber explains that three primary roles need to be filled in a business: the technician, the manager, and the entrepreneur. The technician focuses on the day-to-day operations—in a financial planning firm, this would be creating financial plans and holding client meetings. The manager oversees processes, services, and standard operating procedures. The entrepreneur is the visionary, guiding the direction of the growth and the firm.

As the firm owner, you may be fulfilling all three of these roles, and it’s important to understand how you want to balance them, now and in the future. When you first launch your firm, you might be 70 percent technician, 20 percent manager, and 10 percent entrepreneur. But in five years, you might want to be 70 percent entrepreneur, 20 percent manager, and 10 percent technician. Alternatively, you might be really excited about serving your clients as a technician and have little interest in the managerial or entrepreneurial side of the business.

But whichever path you want to go down, you’re not going to get there without setting intentions. By thinking upfront about where you want to go, you can make decisions about growth, delegation, and scaling that will help you get there.

4. Don’t focus on efficiency too early. Focus on effectiveness.

Many planners tend to focus on efficiency without considering the impact on the effectiveness of their services. Sometimes, this leads them to try to do things so quickly that they start to lose track of the value they are providing to their client.

Before I make any decisions, whether they’re about changing my tech stack or getting a new designation, I ask, “Which decisions in my business will provide more value to the people I serve?” It is only after that question has been answered that I ask, “How can I do that efficiently?” Instead of creating efficiency first and then trying to fit your clients into it, you’re building a business tailored to your clients’ needs and preferences.

5. Use your conversations to create content.

I often hear from firm owners who want to create more educational content, but aren’t sure where to start or what topics to create content about. I think that if you don’t have enough content, you’re simply not having enough conversations.

Document the conversations you’re having with others, including colleagues and clients. Think about the questions clients are asking you in meetings. Then ask, “How can I help other people at scale with this same information?” By leveraging your everyday interactions and exploring common questions from clients, you can create meaningful content that resonates with a broader audience and leads with your core values.

6. Keep it simple.

Embrace a lean start-up approach. There’s a prevailing belief in our industry that complexity equates to value. But instead of buying products and services in search of problems to solve, add to your toolkit as real problems present themselves. This approach to building your tech stack helps you allocate your time, energy, and financial resources efficiently, addressing immediate needs while remaining adaptable to future challenges.   Consciously reframing the tech adoption process to respond directly to genuine client needs also ensures you are cultivating a business that prioritizes value and client service above all.

7. Don’t fear compliance.

Navigating compliance as a new financial professional can feel daunting, but there’s no need to panic. By learning the basics and seeking help when you need it, you can ensure that compliance is a manageable part of your routine. It only takes me about ten minutes to update my Form ADV each year.

8. Consider joining a membership network.

When you’re getting started, joining a membership network like the Advice-Only Network or XY Planning Network can provide invaluable support. They can offer structured guidance, providing you with essential templates, tools, and compliance assistance that can streamline your startup process.

Joining a network allows you to make connections and gain accountability partners, providing a much-needed sense of community. Building your own firm can feel like a lonely journey because there isn’t anyone standing at the water cooler with you.

And remember—you don’t have to use every service forever. Joining a membership network now isn’t a permanent commitment. Instead, it’s a strategic investment that can evolve as your firm grows and your needs change. Over time, I’ve been able to cut back because I’ve realized that I don’t need access to all of the tools and memberships I did when I first started.

Build Your Path to Success

From identifying your ideal client to building a network you can rely on, each step you take is a building block towards a thriving financial planning practice. And if you align those business decisions with the life you aspire to lead, you’re not just launching your own firm—you’re building a path towards a fulfilling and successful future both personally and professionally.

If you’d like to hear more of my industry insights, check out Building the Team of Tomorrow: Attracting, Training, and Retaining. In this panel discussion, I joined other experts to talk about the next generation of financial professionals.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

The views and opinions expressed by this blog post guest are solely those of the guest and do not necessarily reflect the opinions of eMoney Advisor, LLC. eMoney Advisor is not responsible for the content, views or opinions presented by our guest, nor may eMoney Advisor be held liable for any actions taken by you based on the content, views or opinions of the guest.

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