The Benefits of Buying a Financial Advisory Book of Business

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Despite the recent turmoil in the financial markets, becoming a financial advisor remains one of the most potentially lucrative and rewarding career choice an ambitious and motivated young professional can make.

As a financial advisor, your income possibility is unlimited, you have the ability to be in business for yourself, and you get the reward of knowing that you're helping your clients build their own financial security as you build yours.

Becoming a financial advisor isn't exactly easy, however the rewards that draw people into the profession usually aren't enjoyed right away. It can be a hard road, starting with passing your securities exams (such as the Series 7 and 66) which have only been made more difficult in response to the financial crisis of 2008.

Then there is the huge challenge of obtaining clients. Obviously, without clients, you won't make money. But convincing people to invest their trust -- and their savings -- in you as a green advisor is not always an easy task. Most investors, in particular high net worth individuals, prefer to go with someone with a long track record or who came recommended by a friend or business associate.

One method used with great success by financial advisors to surmount the challenge of building a customer base is buying a book of business from an existing advisor who is retiring or leaving the profession.

There are numerous advantages to doing this:

Immediate Income. When you have clients on the books, you immediately start generating income for your practice from those clients in the form of fees and commissions. Yes, there is a large financial outlay on your part to buy a book of business, and this must be done before any income is realized. However, there are numerous business financing options that can keep you cash flowing positive even after buying a book of business. If you play it smart, your income from your book of business will outpace the monthly expense of obtaining it.

Referral Base. The clients in your new book of business aren't only a great income source, they are a great source for spreading the word about your services to their own personal and professional networks. If you take care of them and make a great first impression, your name is likely to come up in a positive light when they have financial conversations with their friends and associates.

Reputation and Relationships. Chances are, the advisor whose book of business you're buying has a strong reputation in the industry. That's how he was able to build his client base. Aligning yourself with someone like that can do wonders for your own nascent reputation, and anytime you can build a relationship with an experienced and successful advisor, it is good for furthering your career.

If you are considering buying a financial advisory book of business, consider speaking to financial advisor recruiters in Scottsdale. Recruiters aren't only good for helping you find jobs, they can help you network with others in the business. Sitting down at a financial advisor recruiting firm Scottsdale and going over your desires, long-term goals, and budget will allow you to seek out the best prospects for buying a financial advisory book of business.

Rhino Search Group is a financial services recruiting firm known for its valuable client relationships with the most trusted financial brands. Contact our financial advisor recruiters if you are looking to make a move, or buy/sell a book of business. Visit the site: http://www.rhinosearchgroup.com/