Top Resources You Need to Succeed as a Financial Planning Firm

When you first launch a company, you’re siloed: You’re going through this exciting — but isolating — experience, and your friends and family might not be able to relate or give the advice you need.

That’s why it’s so important to have a support group of like-minded professionals. Having someone to bounce ideas off of, to share ideas with, to lean on, to celebrate the highs and commiserate the lows with, makes running a company so much easier.

When Katie Burke and I launched our own financial planning firms around the same time, hers in 2015 and mine in 2016, we became each other’s support system. Even though I’m in California and Katie’s in Pennsylvania, our weekly calls and email exchanges made a world of a difference. We all know we need the standard resources to run a business, but we often forget how much we need community to succeed.

The Seven Resources All Female Founders Need 

As two female founders, we’ve discovered that the following seven resources are essential to successfully running firm. 

 1. Business Coaching

To grow your firm, stay on track, and stay accountable, consider investing in a business coach. Your coach can provide the outside perspective, expertise, tools, and training you need to keep operations humming smoothly, while growing into the future. They can also answer the business questions that keep you up at night, from hiring to cash flow. 

 2. A Support Network

When running a company, you don’t only need funding (financial capital) and skills training (human capital) — you also need “social capital” in the form of powerful support networks. Whether it’s a formal network of finance professionals or an informal support group of entrepreneurs, find your tribe who’s there for you.

3. Efficient Technology

A solid technology infrastructure is crucial to the long-term sustainability of your business, and to the service you provide your clients. Some of the technology you will want to have in place for you and your clients include a CRM system, streamlined billing features, a financial planning software subscription, electronic client invoicing, and 24/7 IT and tech support. 

4. Marketing

To build brand awareness and scale your business, you will want to hire a marketing coach or consultant. This person serves as an outside advisor that supports you in creating a marketing plan, developing and implementing marketing strategies, defining your business’s brand voice and message, and ensuring you are promoting your business to the appropriate target market of potential clients. 

5. Compliance Coverage

The compliance process can be time-consuming, leaving you little time to focus on other areas of the business. You will want to hire someone to do compliance oversight for registration, compliance documents, marketing, and more.

6. Errors and Omissions (E&O) Insurance

You will need robust E&O insurance that covers the biggest claim issues in the industry, such as cybersecurity and wire fraud. 

7. Portfolio Management Solution

You will need access to portfolio management resources, portfolio implementation support, and custodial relationships to help support the service you provide to your clients.

Join Equita Financial Network Today

At Equita Financial Network, we provide quality resources that allow for the best financial planning, the best portfolio management, and the best coaching and growth for each woman’s autonomous brand. If you’re interested in joining our network, reach out to us today. 

Privacy Notice

We recognize the importance of protecting our clients’ privacy. We have policies to maintain the confidentiality and security of your nonpublic personal information. The following is designed to help you understand what information we collect from you and how we use that information to serve your account.

Categories of Information We May Collect

In the normal course of business, we may collect the following types of information:

  • Information you provide in the subscription documents and other forms (including name, address, social security number, date of birth, income and other financial-related information); and
  • Data about your transactions with us (such as the types of investments you have made and your account status).

How We Use Your Information That We Collect

Any and all nonpublic personal information that we receive with respect to our clients who are natural persons is not shared with nonaffiliated third parties which are not service providers to us without prior notice to, and consent of, such clients, unless otherwise required by law. In the normal course of business, we may disclose the kinds of nonpublic personal information listed above to nonaffiliated third-party service providers involved in servicing and administering products and services on our behalf. Our service providers include, but are not limited to, our administrator, our auditors and our legal advisor. Additionally, we may disclose such nonpublic personal information as required by law (such as to respond to a subpoena) or to satisfy a request from a regulator and/or to prevent fraud. Without limiting the foregoing, we may disclose nonpublic personal information about you to governmental entities and others in connection with meeting our obligations to prevent money laundering including, without limitation, the disclosure that may be required by the Uniting and Strengthening America Act by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 and the regulations promulgated thereunder. In addition, if we choose to dispose of our clients’ nonpublic personal information that we are not legally bound to maintain, we will do so in a manner that reasonably protects such information from unauthorized access. The same privacy policy also applies to former clients who are natural persons.

Confidentiality and Security

We restrict access to nonpublic personal information about our clients to those employees and agents who need to know that information to provide products and services to our clients. We maintain physical, electronic and procedural safeguards to protect our clients’ nonpublic personal information. We respect and value that you have entrusted us with your private financial information, and we will work diligently to maintain that trust. We are committed to preserving that trust by respecting your privacy as provided herein.