5 Essential Elements of a Financial Professional Business Plan

Looking to start a business as a financial professional? The first thing you need to do is take the time to make a plan. Without a good plan, your chances of success are low. Here are 5 essentials to include in your business plan.

  1. Dream BIG!

“Make no little plans; they have no magic to stir men’s blood and probably themselves will not be realized.” -Daniel Burnham, the famous American architect

Your financial professional business plan needs to start with a big dream. Achieving success in any endeavor takes time, courage, and persistence. A big dream provides the fuel and motivation you need to do the hard work necessary and persist through inevitable challenges. What is your “why” that will keep you going when things get tough?

  1. Begin with the end in mind.

Develop a clear concise mental picture of your future business. How much money will you earn? How many and what types of clients will you have? What sort of office will you have? Will you be by yourself or have a team? What sorts of products will you offer? What is your timeframe? Write down the answers to these questions and more and work backwards to develop your financial professional business plan.

  1. Define your market.

Be specific in the types of clients you want to attract. Understand who is a good fit and who is not. Many financial professionals start out with the desire to help everyone—but this is not realistic or financially feasible long term. Set target asset levels for the clients you will pursue, find out how to meet these types of clients, and find natural niches you can passionately pursue.  

  1. Prospect. Then prospect some more.

Financial professionals don’t fail for lack of knowledge in the industry, they fail because they don’t talk to enough people. People give up and quit on their dreams when they don’t believe they can reach them. The only way this can happen is if you aren’t talking to enough people consistently to make your dream a reality. Develop a plan to prospect daily and then work the plan. You are in control of inputs, not outcomes. The only way you can affect the long term outcome and ensure your success in this business is to rely on the law of large numbers. Prospect and keep prospecting until you have reached your goal.

  1. Find the right business culture!

Any exceptional leader will tell you the secret to long term organizational success is culture. Since the success of your financial professional business plan rests almost entirely on your ability to sustain your prospecting efforts long enough to make your dream for the future a reality, your attitude is critical. And nothing affects your attitude (or can damage it) like the environment and culture you are in. Find the right cultural fit in the firm you are affiliated with or find a new firm. Life is too short to be out there all by yourself or be part of a team that you don’t enjoy. Find a team you enjoy working with and a structure that will reward you for your efforts.  

If you incorporate those 5 essentials as you develop your financial professional business plan, you’ll significantly increase your momentum toward your goals.



Jonathan Miller, President & CEO or Parsonex,  is an accomplished financial professional and entrepreneur. He has managed over $200 million in client assets, trained hundreds of financial professionals and built several successful companies.

Parsonex Enterprises, Inc. is headquartered in Englewood, Colorado and owns several companies including two FINRA registered broker dealers, an SEC registered investment professional, an insurance agency and a franchise company.  The firm has 9 branch offices and over 60 independent financial professionals across the United States, including five franchise locations.

Securities offered through Parsonex Securities, Inc. 8310 S. Valley Highway Suite 110, Englewood, CO, 80112 (303) 662-8700  Investment Advisory Services offered through Parsonex Advisory Services, Inc.

Jonathan Miller

Author Jonathan Miller

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