Industry Analysis & Industry Trends
The recession ended the industry's long streak of strong revenue growth; low income and high unemployment caused the fees charged by financial advisers to drop, while the lackluster performance of the Standard and Poor 500 (S&P 500) discouraged investment. However, as consumers come out of the difficult economic climate, they will be more inclined to seek out the services of financial advisers. Furthermore, a rebound in the S&P 500 will also support revenue growth, despite increasing competition... purchase to read more
Industry Report - Starting a New Business Chapter
The industry's barriers to entry include licensing, experience, marketing and regulatory costs. Before an individual can become a licensed financial adviser, the individual must pass the Series 7 (General Securities exam), Series 63 (State Securities exam), and Series 65 or 66 Registered Investment Adviser (RIA) Law exam. These exams demand substantial costs, and they also require time to study and pass the tests.
Once an individual is licensed, the adviser must focus on marketing and prospecting for prospective clients. However, it is very difficult to start off in the industry as a financial adviser with little or no experience... purchase to read more