Douglas Greenberg

Financial Planning Career Advice

Published on:- 12-27-2022


There are various routes you might pursue to become a financial adviser. A degree in finance, either undergraduate or graduate, is a prerequisite. It would help if you also became certified as soon as possible; therefore, taking the Series 6 or 7 tests is necessary.

Many doors may be opened to one with a bachelor's or master's degree in finance. You may focus on tax preparation or financial planning if you want to. Data analysis skills and the capacity to make sound judgments are essential for these positions.

Advisors in this field are tasked with guiding their customers financially. They advise their customers on financial matters and estate preparation as an added service. Earning a graduate degree may boost one's income. A finance degree is helpful but optional for entry-level positions.

People who want to be financial advisers need to have high moral standards and excellent communication abilities. Positivity is crucial since they must interact with many individuals during their careers.

Internships are common entry points for financial advisers. Joining a professional organization and attending professional events may also help you succeed. In financial advice, knowing the proper people may be necessary.

With your newfound education in hand, you'll be able to open your company to a wide range of potential customers. Among the many options available for this is launching your own business.

Taking the Series 6 or 7 test is a significant first step if you're looking for a job in the financial sector. After passing these tests, you may sell things like bonds, mutual funds, and corporate securities. These two credentials will serve as cornerstones around which you may construct a successful professional life.

As a first step toward a successful career as a financial adviser, passing the Series 6 and 7 Exams is crucial. In addition to enhancing your reputation, they may assist you in attracting new customers. However, knowing in advance which credentials are needed is always preferable.

Although the Series 6 and 7 Exams are rigorous, getting your license with the proper preparation is possible. Most companies will use these exams as part of their in-house training.

The Financial Industry Regulatory Authority oversees the Series 6 Exam, commonly known as the Variable Contracts Products Representative Exam (FINRA). Knowledge of the securities market will be tested here. The examination is less comprehensive than the Series 7 exam and covers less material.
You need industry knowledge to get a job as a financial counselor. Working for a company or going into business for yourself are both viable possibilities in this industry.

A financial advisor's primary responsibilities include consulting with customers, advising them on investment strategies, and assisting them in realizing their financial objectives. They may also provide insurance and tax assistance.

Being a financial adviser is a rewarding profession. With more people opening their retirement accounts, it's a rapidly expanding industry.

A financial counselor could work for a bank, an investment business, or independently. Most of them are required to hold credentials. However, there are rules they must observe, such as keeping some facts secret.

A bachelor's degree is often required for entry-level positions in the financial advisory field. This applies to any study area, including business, economics, and mathematics. Numerous monetary consultants choose to further their education by earning an MBA. Possessing such training may open doors to higher-level positions.

A financial adviser certification is a good idea for anybody planning on making that profession their life's work. An individual's credentials should reflect their education and work experience in the financial sector.

To get certified in this area, you must study for and pass an examination covering the material covered in your training. You'll also need to demonstrate that you're morally up to par with the sector's expectations.

By constructing investment portfolios and outlining strategies, Financial Advisors assist their clients in maximizing the value of their hard-earned cash. Therefore, they must remain current with developments in the financial sector. There is a high need for those with strong interpersonal, analytical, and problem-solving abilities.

A financial advisor might be helpful if you or a loved one needs assistance planning for retirement or dealing with a significant life event. They could suggest investing in equities, bonds, or mutual funds. Some advisers are responsible for establishing their practices to take on new customers.

Keeping the Number of Clients Per Financial Advisor to a Minimum

Published On: 12-05-2022

Aside from the fact that limiting the number of clients per financial advisor is a good idea, another reason is that clients abandon financial services for the most common cause - exorbitant prices. Limiting the number of clients per advisor is also a brilliant idea because there is always a limit to the amount of time you can spend on each client.

We examined data from 20 North American wealth management businesses in a recent PriceMetrix study. Every month, each firm's book of record is reviewed for new accounts established and fee-based revenues. The PriceMetrix database serviced over $6 trillion in assets in 2017, making it the most extensive data collection of its type. We found over 2,600 financial advisors who handle an average of $2.27 billion in client assets.

The number of clients that financial advisors can handle at the same time is determined by the number of advisers in the firm and the complexity of the client requirements. A broker-dealer advisor may serve 118 continuing relationships, according to our findings. If the adviser only has one-time clients or dual-registrants, the number of clients that advisor may service at once is drastically reduced.

A typical financial advisor devotes 5.5 hours per week on investment-related tasks. Furthermore, the average financial advisor devotes 5 hours per week to company development and 3.2 hours per week to professional development.

Given that there are about 80,000 financial advisors in Canada, competition for clients is fierce. One of the best ways to beat the competition is to limit your client list to roughly fifty people. This is a good lifespan rule of thumb that will keep you in business for the foreseeable future. When making this critical decision, one should be willing to seek the advice of a knowledgeable financial consultant. Always know your clientele and avoid micromanagement strategies such as unprofessional behavior and poor client communication. A well-executed marketing strategy will help to ensure consumer pleasure.

Your clients are the most critical pillars of success; a happy and knowledgeable clientele equates to long-term loyalty and a healthy pocketbook. It's no surprise that the financial advice sector is buzzing with activity. The best and most efficient method to accomplish this is to be straightforward, precise, and direct at both the office and at home.

An average advisor spends 53 hours on business during a typical work week. Administrative and professional development responsibilities, meeting preparation, customer service, and marketing take up the majority of these hours. In addition, the average advisor spends 5.5 hours per week on investment-related chores such as trading with clients and researching investments. The typical financial advisor spends somewhat more than two hours per meeting, or approximately three sessions per week.

Financial advisors are under pressure to service existing clients and acquire new ones. Furthermore, the advancement of technology has allowed advisors new services to provide. However, technological advancement only sometimes implies an increase in clientele. Most advisors must devote more time to engaging with customers and developing relationships. This is especially true for smaller consulting firms.

A recent Kitces Research research found that the average financial advisor spends 50% of their time on direct client interaction. This includes time spent on client-facing tasks such as interacting with clients and contacting potential prospects. It also covers administrative chores including addressing client questions and inquiries prior to meetings.

Despite greater competition in the financial services business, exorbitant fees remain the primary reason for client departure. There are, however, some actions that can be taken to improve the situation. Improved communication, for example, can serve to ease client mistrust and encourage them to remain clients. Adding value to services can also help clients feel like they are getting their money's worth.

As a result, in order to compete, investment firms must cut their fees. However, lowering costs might hurt business margins. Furthermore, when prices are dropped too low, growing a business might become challenging.

How Many Organizations Are Profitable? 

Published on:11/17/2022

In the United States, the majority of small firms are profitable, but not all. The restaurant industry, for example, has a high rate of failure, with 17% of businesses failing within the first year. Construction, warehousing and transportation enterprises are also more likely to fail in their first year of operation. Forty percent of small firms are profitable, while sixty percent are either breaking even or losing money. Consider this figure while evaluating the potential for success of your small business.


According to Entrepreneur.com, most firms require between two and three years to become successful. Despite the length of this period, it is important to keep in mind that each organization is unique, with distinct startup expenses and techniques for calculating profit. It could take up to three years for a business to become profitable, but the majority of companies will lose money in their first year.

Additionally, insufficient cash flow increases the risk of failure for new enterprises. Invoice factoring can alleviate a number of these concerns. Cash flow issues are a key cause of failure, as is common knowledge. The more seasonal a business is, the greater the likelihood that it will struggle during the off-season.

Numerous small firms lack substantial money, but they may survive without it. Despite the fact that more than half of small firms fail within their first year of operation, many others will endure for at least five years. The majority of these companies fail to owe to inconsistent financial flow. It is crucial, therefore, to be adaptable and educated about your sector.

How to Get Your Business Sold Quickly 

Published on : 10-28-2022

When is the best time to sell your business? It depends on a number of things, like how much it's worth, how the market is doing, and what kind of business it is. But you can speed up the process by taking a number of important steps. These include getting ready for a sale; setting the right price; and attracting a pool of buyers.

There are many reasons why motivated sellers want to sell their business quickly. The reason is that when a person sells something, it gives them more freedom. Also, the upcoming sale makes the seller feel a lot of emotions. If you want to negotiate with motivated sellers, you should always start out on an equal footing with them. It's also important to be considerate of the sellers' time and their needs for communication. 

Building trust is the first step. The seller will feel better if they can trust you, so tell them the truth. The key is to have a "no-fail script," which is a rough outline of the conversation you will have with them. Every conversation will be different, so you should always be ready.

Selling a business takes time, and preparation is key if you want to get the most money for it. To make sure the buyer will get the most for their money, you will need to look at financials and historical data. Having the necessary paperwork ready will also speed up the process of selling.

Putting together a team of professionals and trusted advisors can help you get ready for your sale. Six to eight months is a typical time for a business to be for sale. But the time varies based on the price and how the deal is set up. You should start getting ready for the sale at least a few years before you plan to sell it. If you don't, you might put yourself and your business in danger.

It's important to make your business as appealing as possible to potential buyers when you're trying to sell it. This means getting rid of things that don't work and making them smell good. You also need to make sure that the prices for your business are right. A lot of businesses don't sell for the full price listed. Instead, try to get as close as possible to the price you listed. So, you won't have to worry about losing a lot of money.

Selling a company takes time. But if you do what you need to do to get ready, the right buyer will come along. Prepare your financial records so that they meet the expectations of the buyer. You should also prepare disclosures and marketing materials.

If you want to sell your business, you need to know who might be interested. You can save time and money by using it. The pool is based on the type of business, the price being asked, the industry, and the skills and experience that the buyer needs to have. The longer the pool is, the more buyers will be interested.

With Shopify, you can sell your pool online in just a few minutes. It also links to your social media accounts, so you can talk to your followers and let them look at your pool products. It also has a calculator for your profit margin, which can help you figure out how much to charge.

Keeping customers is important for any business, and there are many ways to do it. Customer service is one of the best ways to do this. You should keep in touch with your customers even after you sell your business to keep them coming back. You can do this by making them an account and giving them benefits like having their shipping information filled in and being able to see their past orders right away.

Customer retention is a very important part of any business because it helps you make more money by turning first-time buyers into repeat buyers. The important thing is to figure out what keeps customers coming back and what makes them leave. By doing this, you can get customers who will buy from you again and again.

There are two kinds of potential customers: those who just want to look around and those who are ready to buy. Prospects who "kick the tires" aren't in a hurry to make a decision or buy anything from you. These people will throw off the conversation by asking questions that don't matter. They also tend to go in all sorts of different directions. Serious customers, on the other hand, always come back to the exact needs they have at their property. You should talk to these prospects in different ways.

Tire-kickers are people who don't want to buy anything or don't want to make a bad decision. To get them to buy, make sure you show them how your product or service will help them and that you're giving them a great deal. You can do this by giving them a discount if they pay in advance or by giving them a free upgrade if they sign up by a certain date.

What Is the Profitability Rate of Businesses?

Published on : 09-06-2022

Although the majority of small firms in the United States are profitable, this is not the case for all of them. The restaurant industry, for example, has a high failure rate, with 17% of new businesses failing within the first year. Construction, warehousing, and transportation enterprises are also more likely to fail in the first year. 40% of small firms are profitable, while the other 60% are either breaking even or losing money. This is a key metric to remember when determining the performance of your small business.

Most firms require two to three years to become successful, according to Entrepreneur.com. While this time frame may appear to be excessive, keep in mind that each firm is unique and will have distinct starting costs and profit measurement methodologies. It may take up to three years for a business to become profitable, but the majority of companies will lose money in their first year.

New enterprises are likewise more likely to fail if their cash flow is inadequate. Many of these issues can be resolved by invoice factoring. As we all know, cash flow issues are a primary source of failure. The more seasonal a business is, the more likely it will struggle to survive during the off-season.

Many small business firms do not have large amounts of capital, but they can nonetheless operate. While more than half of small firms fail within the first year, many others survive for at least five. The majority of these companies collapse due to a lack of continuous cash flow. That is why it is critical to be adaptable and educated about your field.

What's the Value of My Company?

Published On:- 08-08-2022

"How much is my business worth?" relies on the market and potential investors or purchasers that are looking to make a purchase. There are times when a lesser value may be necessary if the market does not support the figures you are proposing. If you require funding, you may be forced to compromise if you maintain a rigid stand on the figures. You'll learn about the many methods for valuing your business in this post.

The simplest way to figure out how much a company is worth is to divide its yearly revenue by the number of outstanding shares. When evaluating a firm, numerous elements need to be taken into account, and this formula is more accurate than simply utilizing the money amount. In other words, even if the restaurant doesn't turn a profit, the kitchen alone is worth 30-40% of the annual sales. A full-service restaurant would be valued at 30 to 40 percent of its yearly gross revenue if it generates an industry-average bottom-line profit. Other companies of the same size and industry would be valued at 60 to 70 percent of their annual revenue. As you can see, relying just on sales as a gauge of a company's value isn't always accurate.

Pre-IPO stock value is reduced by the difference between its value after its first public offering (IPO) and its value before its initial public offering (IPO). The lower the post-IPO price, the greater the discount for lack of marketability will be. Using this difference, the discount is calculated. The greater the pool of possible customers, the smaller the discount.

If a firm has exclusive rights to a certain product, a discount due to lack of marketability shows that the company is not as valuable as it could be. In a world where fifty other firms provide virtually identical things, this is critical. When a company's marketability is restricted, a gold rush might break out. The marketability of a corporation is constrained by competition rather than the gold rush.

The percentage decline in a company's value is another indicator of its marketability. A restricted stock study is used by an appraiser to determine the value of non-controlling private business interests. In the course of mergers and acquisitions, as well as to generate money, some corporations issue restricted shares to the general public. Restricted stock is the same as free-trading stock, except that it must be held for a year before trading. Public corporations must notify the SEC of restricted stock transactions.

The net worth of a corporation is divided by its total assets to get its book value. This includes all financial assets (cash, short-term investments, accounts receivable & inventory) and all liabilities (debt obligations & accounts payable). A company's book value of assets is critical for tax purposes because it quantifies the expenditure of depreciation, which lowers earnings and corporate taxes. Depreciation is an expense.

A company's fixed and illiquid assets are included in the book value, while other assets such as labor, intellectual property, and earnings are not. Over time, intangible assets, such as patents and trademarks, may rise or fall in value. This indicates that a company's stock's book value is likely to be lower than its actual worth on the stock market. Because of this, investors should always take a look at a company's stock from many perspectives.

The asset's book value is its market value less the amount of depreciation already taken. It's a good idea to utilize the book value of an item with care because it's not always the same as its fair market value. You must take into account whether or not selling the stock is a smart decision when assessing its fair value. This information will assist you in making an informed financial decision.

How does someone get paid to give financial advice?

Published on: 06-14-2022


According to Douglas Greenberg, you're not the only one who wants to know how a financial planner or advisor gets paid. People all over the world want to know how to find the best financial advisor for their needs. You should also ask yourself if your advisor gives you confidence, makes things clear, and tells you what he or she is worth. If they do, you can decide if the money they charge is worth it. You'll be glad you hired them if you think they give you the best advice.

You decide whether a financial advisor charges a fixed fee or works on commission. Some financial advisors work for a fixed fee and charge a percentage of the value of the investments they make. A client might pay a financial planner $1,000 to make a financial plan, but the client only pays for the advice the planner gives. So, the client doesn't pay too much, even if it takes the planner a little longer to finish the project.

Financial advisors are paid not only by fees, but also by commissions on the products they sell. Most of the time, these fees are paid on top of any fees that the clients pay. For example, if a financial advisor sells a mutual fund to a client, he or she might get a $150 commission. The same goes for people who sell insurance. Advisors are usually paid on a percentage basis, which changes depending on the product.

Douglas Greenberg disclosed that, a financial advisor who works on a fee-only basis can charge anywhere from $1,500 to $7,000 a year for their services. The prices for their services will depend on their experience, where they are, and what services they offer. A first complete financial plan can cost between $1,500 and $3,000 as a flat fee. Timed or retainer rates range from $150 to $400 per hour or $2,500 to $7,500 per year. And finally, financial advisors who are paid by commission are paid based on how many products they sell.

Financial advisors can be paid a flat fee for their services or a commission on the sale of securities or insurance products. There are good things and bad things about both models. But no matter what you choose, make sure it meets your needs and goals. A good financial advisor is as valuable as gold. Many people want a financial advisor but don't know where to start looking. If you want a financial advisor, you should look into the different types before deciding which one is best for you.

A financial advisor helps people reach their financial goals by figuring out what those goals are and how important they are. They can help clients figure out what they need, how much money they need to spend, how much money they want to grow, and how to spend their money in a balanced way. A financial advisor can also help people set up a foundation that gives money to good causes. So, if you want to know how a financial advisor gets paid, you should ask yourself the following questions.

In addition to Douglas Greenberg, fees depend on what services a financial advisor offers. Fees can change depending on how much money is in your account. Many companies charge lower percentages if the account is bigger. Some advisors charge performance fees, which let them charge more for their services to clients. And, depending on your needs, your financial advisor may charge a flat fee for financial planning or hourly for one-time consulting services. You can also choose the type of fee that works best for you.

Custodians who work for a third party hold the assets of clients. The advisor has no way to get to the client's money or property. The custodians check your signatures to make sure they are real and then let the advisor trade. That way, your money is protected and the advisor is able to trade. If you're still wondering, "How does a financial advisor get paid?", read this article. When you're ready to start your own financial planning, remember that there is no substitute for thorough research and careful planning. And always remember that you're not a guinea pig.