{ "media_type": "text", "post_content": "My uncle, and aunt, had about $750k in investments scattered across 14 different retirement accounts, brokerage accounts, annuities, on different platforms. They are 65. Three months ago they asked me if I could help them consolidate everything. I agreed. We started the process and this week the last of the funds came into their new Vanguard accounts! \n\nQuestion: how do I scale this work organically, as a side hustle? I have an MBA in finance, but no CFP or other financial planning designation.", "post_id": "60313240b784f00024e1d5eb", "reply_count": 9, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

My uncle, and aunt, had about $750k in investments scattered across 14 different retirement accounts, brokerage accounts, annuities, on different platforms. They are 65. Three months ago they asked me if I could help them consolidate everything. I agreed. We started the process and this week the last of the funds came into their new Vanguard accounts! Question: how do I scale this work organically, as a side hustle? I have an MBA in finance, but no CFP or other financial planning designation.

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Ask them if they have friends or family in the same situation and/or to mention how helpful you were. My partner is in the same position (but young) w accounts scattered everywhere— if we had a fam friend to do it, it would be heaven!

likehelpful

It is gratifying to see them in charge of their finances. I feel very enthused about helping them on their journey and making sure they are at a much better place than they were before. I love helping people to understand and take control over their financial life but I loathe traditional advisers. I can't be a pushy sales guy looking for more business.

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At some point any profession will be less salesy. The CPAs I know on their own are absolutely trying to win big contracts, same with attorneys and real estate agents. . Electrician is a terrible example because it's mostly transactional and money is on a whole different level

Seems you need a license to offer at least some of the financial advisory services, maybe not all. The other challenge is that if you scale beyond your circle of family and friends, your clients don’t have any built in trust in you (probably even less so without a license). The people you are likely helping, are not financially savvy. Some can’t tell good advise from bad ones. You can get in a lot of problems even with good intentions and sound advise.

likehelpful

Great job! I wanna help my parents do the same but it’s such a mess that they don’t even know where to start - any pointers on how you went about this exercise?

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Here is high level I did/made them do, in order. - Made them list down ALL accounts they own - Educate them on basic fundamentals of investing - Educate them on the different kinds of accounts - Empower them to take actions to consolidate - Be there as guardrail through the entire process

Just check with FINRA regulations to understand what you can/not without registration.

helpful

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