23 Business Ideas For Financial Advisors [2024]
Interested in starting a business as a financial advisor in 2024?
If managed well, building a business as a financial advisor could be more lucrative than employment. So, which are the best business ideas for Financial advisors?
We put together 23 of some of the best financial advisor business ideas you can start in today.
For each business idea, we'll show you real-world examples of other financial advisor businesses to help you see what it takes.
Here's the full list:
1. Start a finance blog ($162K/month)
Starting a finance blog could be an excellent way to supplement your income as a financial advisor. By utilizing your industry knowledge and writing skills, you could provide valuable insights, personal commentary, and expert advice that attract a dedicated readership. As your blog gains traction, sponsored content and marketing programs could provide an additional revenue stream.
Given your understanding of financial concepts and fundamental principles, you would be well-positioned to create content that resonates with both novice and experienced readers. With minimal overhead and a low financial investment, a finance blog presents a low-risk, high-reward business opportunity. Being passionate about finance and well-organized in maximizing your work schedule could further amplify your chances of success in this entrepreneurial venture.
How much you can make: $1,000 — $3,000,000/month
How much does it cost to start: $200 (?)
How long does it take to build: 30 days (?)
Financial media company MarketBeat, founded by Matt Paulson, provides objective financial information and real-time market data to empower individual stock investors to make better trading decisions, generating approximately $8 million in revenue in 2019 and ending the year with over 1.3 million unique email subscribers due to a freemium model with 75% of revenue from advertising and 25% from subscriptions.
2. Become a financial advisor ($240K/month)
Starting a financial advisory business could be a natural extension of your current career, leveraging your expertise to offer personalized investment and financial planning services. With a solid financial background, relevant certifications, and strong people skills, you are already well-prepared to provide valuable advice that helps clients reach their financial goals.
Such a venture allows you to build credibility through your education and experience while expanding your professional network. By tapping into your established skill set, you could create a profitable side business or even transition into a full-time entrepreneurial endeavor, offering tailored, high-quality advisory services to a broader client base.
How much you can make: $5,600 — $2,000,000/month
How much does it cost to start: $6,550 (?)
How long does it take to build: 30 days (?)
Michelle Schroeder-Gardner earns $100,000 a month from Making Sense of Cents, a personal finance and lifestyle blog where she writes informative and fun articles about financial freedom and her life on the road, thanks to a diversified traffic approach and monetization strategies, such as affiliate marketing, sponsored partnerships, and course sales.
3. Start an investment advisory business ($342K/month)
Starting an investment advisory business could be an excellent entrepreneurial path for you as a Financial Advisor. This business involves providing clients with tailored financial advice and strategies for growing their assets, enabling you to help them make smart financial decisions. Given the increasing market complexity, many individuals seek expert advice to navigate investment options and aim for their long-term goals.
You could leverage your expertise in financial planning to conduct thorough market research, crunch numbers, and stay updated on financial trends, offering valuable insights to your clients. Additionally, obtaining the necessary certifications would build your credibility, enhancing your ability to attract and retain clients. This not only supplements your income but also offers the satisfaction of helping others secure their financial futures.
How much you can make: $2,000 — $2,000,000/month
How much does it cost to start: $8,000 (?)
How long does it take to build: 90 days (?)
Equity Residences is a luxury real estate investment fund that has raised $40 million from over 200 investors, offering them access to a portfolio of luxury vacation homes for investment and personal use, with a minimum investment of $161,500 and plans to acquire a further twenty residences ranging from $1.5M to $4M.
4. Start a financial service business ($372K/month)
Starting a financial service business could be an excellent way to supplement your income or even transition into a full-fledged entrepreneurial venture. With your in-depth knowledge of finance, you have the unique opportunity to offer valuable services such as investing, retirement planning, tax preparation, and budgeting to individuals or businesses. Leveraging your existing expertise, credentials, and reputation could help you build a trusted and successful enterprise.
Embarking on this path means you could make a profound impact on your clients' financial well-being, offering personalized solutions that foster financial literacy and help them achieve their long-term goals. Staying updated on financial laws and regulations is essential, ensuring you provide the most sound and current advice. If you're passionate about financial excellence and enjoy helping others navigate their financial journeys, starting a financial service business could be a rewarding and lucrative endeavor.
How much you can make: $11,500 — $2,000,000/month
How much does it cost to start: $8,000 (?)
How long does it take to build: 95 days (?)
ConnectionPoint's founder and CEO, Daryl Hatton, shares his experience of launching an enterprise-class crowdfunding-as-a-service platform that has helped almost 200,000 projects in 40+ countries raise over $200 million, and offers valuable insights on taking a focused approach to growth and pivoting the business to solve customer problems.
5. Start a business coaching ($121K/month)
Starting a business coaching service could be a natural extension of your expertise as a financial advisor. With your background in financial planning and strategy, you could offer invaluable guidance to entrepreneurs, managers, and other business professionals, helping them unlock their potential and achieve their business goals. This venture allows you to leverage your knowledge, offering tailored advice on leadership development, productivity, or market strategies.
You could conduct one-on-one sessions, develop customized plans, and hold clients accountable, much like you do with financial plans. As demand for skilled business coaches grows, your ability to understand client needs and guide them through complex business landscapes could set you apart. By pursuing this path, you could build a rewarding side business that offers both personal satisfaction and financial gains, all while expanding your professional network.
How much you can make: $3,500 — $541,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 52 days (?)
MentorCruise is a career coaching marketplace generating $24k MRR and processing $1M annually for mentors, with most traffic and sales coming from SEO and organic sources, currently looking to expand to the B2B market.
6. Start a hedge funds investment business ($350K/month)
Ever considered managing the wealth of others while maximizing returns? You might want to look into starting a hedge fund investment business. As a financial advisor, leveraging your expertise to manage a pooled investment fund and employ strategic, high-risk investments could be a highly lucrative venture.
The essence of this business involves raising capital from various investors—such as individuals, institutions, or other funds—and utilizing rigorous market analysis and investment strategies to generate significant returns. It offers the potential for substantial financial gain while giving you the chance to capitalize on your market knowledge and strategic acumen.
However, be prepared for the demands: meticulous research, regulatory compliance, and managing investor relations. If you are driven by data and market trends and have a knack for financial strategy, this could be a highly rewarding side business or even a full-time venture.
How much you can make: $100,000 — $600,000/month
How long does it take to build: 90 days (?)
Equity Residences is a luxury real estate investment fund that has raised $40 million from over 200 investors, offering them access to a portfolio of luxury vacation homes for investment and personal use, with a minimum investment of $161,500 and plans to acquire a further twenty residences ranging from $1.5M to $4M.
7. Start a social communication virtual robot business
As a financial advisor, starting a social communication virtual robot business could open fascinating new revenue streams. By leveraging your expertise in financial markets, you could create AI-powered robots that not only manage social interactions but can also provide tier-one customer service related to financial advice, such as answering FAQs, scheduling consultations, and providing basic financial tips.
Imagine offering your clients a 24/7 virtual assistant that enhances their customer experience by addressing their initial queries in real-time. This can free up your time to focus on providing more in-depth, personalized financial planning services, thereby expanding your business's capacity without increasing overhead costs. Embarking on this venture could future-proof your career, align you with cutting-edge technological trends, and set you apart in an increasingly competitive field.
How much you can make: $2,535/month
How much does it cost to start: $100 (?)
How long does it take to build: 21 days (?)
Boei is a chat widget that integrates with social channels like WhatsApp and Facebook Messenger, which has made a gross profit of over $20,000 in just ten months and has over 2,088 customers and growing.
8. Become a business coach ($43.9K/month)
Starting a side business as a business coach could be a lucrative way to supplement your income as a Financial Advisor. By leveraging your expertise in areas such as stress management, leadership, and marketing, you could guide aspiring entrepreneurs through the complexities of starting and growing their businesses.
Many small-business owners struggle to identify and capitalize on opportunities. As a business coach, you could help these entrepreneurs navigate these challenges, ultimately helping them succeed while diversifying your own income streams and enriching your professional experience.
With the demand for business coaching on the rise, your financial acuity paired with specialized business knowledge could set you apart as a highly sought-after coach. Exploring this avenue could not only provide a rewarding way to use your skills but also expand your professional network and open new doors.
How much you can make: $3,500 — $293,220/month
How much does it cost to start: $2,749 (?)
How long does it take to build: 60 days (?)
Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.
9. Start a gas inspection business
As a financial advisor, you could diversify your income streams by venturing into a gas inspection business. By leveraging your expertise in risk assessment and regulatory compliance, you could efficiently navigate the certification process and manage the operational aspects of such a business. This allows you to offer a critical service to residential and commercial clients, ensuring safety and adherence to local and federal standards.
Moreover, starting a gas inspection side business could provide you with a steady income, especially in areas with high demand for home inspections or property management services. Your analytical skills and attention to detail could be invaluable in this field, helping you identify potential gas-related hazards accurately. This entrepreneurial move not only supplements your income but also broadens your professional portfolio, showcasing your versatility and business acumen.
10. Start a video-editing app business ($38.8K/month)
As a financial advisor, diversifying your income stream by starting a video-editing app business could be a lucrative move. Given your analytical skills and understanding of market trends, you could tap into the burgeoning demand for user-friendly video editing tools, catering to content creators and everyday users alike.
Your knowledge of financial planning can also help secure funding and manage the financial aspects of the business. Additionally, you could leverage your existing network to market the app and form strategic partnerships, ensuring a solid customer base from the start. If you're tech-savvy and have a passion for creative solutions, this could be a highly rewarding entrepreneurial venture for you.
How much you can make: $2,000 — $100,000/month
How much does it cost to start: $2,575 (?)
How long does it take to build: 105 days (?)
VEED.IO, a London-based start-up co-founded by Sabba and her partner, offers a simple online video editing platform using batch job cloud architecture to help social media managers across the world auto subtitle, filter, rotate videos and much more, earning the company $5,300 MRR and the founders Ramen profitability within just a year of starting.
11. Start a video editor business
As a financial advisor, you could diversify your income by starting a video editing business. Leveraging your analytical skills and attention to detail, you could offer specialized video content for financial education, investment strategies, or market analysis. Your expertise in finance would allow you to create high-quality, informative videos that engage and educate your audience.
Additionally, the growing demand for online financial literacy and advice presents a prime opportunity. You could collaborate with other financial professionals to produce webinars, tutorials, or client testimonials, further building your personal brand and credibility. This side venture not only supplements your income but also broadens your reach within the financial community.
12. Start an incense sticks business
As a Financial Advisor, you could find the incense sticks business an intriguing side venture that complements your professional acumen with a creative and tangible product. The process of crafting and selling incense sticks is straightforward and taps into the growing consumer demand for mindfulness and relaxation products, making it a viable supplementary income source.
With your expertise in financial planning, you could strategically invest in sustainable materials and eco-friendly packaging to enhance your brand's appeal. Starting locally and leveraging e-commerce platforms to scale your business would allow you to maximize profitability while innovating with unique fragrances and themed collections to stand out in the market. If blending craftsmanship with aromatherapy interests you, this business could serve as a rewarding entrepreneurial endeavor.
How much you can make: $11,000/month
Deivee, the organic sustainable yoga lifestyle brand, grew from making just $7K in their first year to $1.6M in their third year through their flagship products, including a Yoga Kurti, copper water bottles, and organic biodegradable yoga mats, while remaining a low-funded start-up, using micro-influencer marketing and customer feedback to improve their product.
13. Start a bricks laying video game development business
As a financial advisor, you could leverage your analytical skills and client insights to develop a bricks laying video game that educates users on financial principles through engaging gameplay. Your knowledge of financial planning and investment strategies could be integrated into game mechanics, making financial literacy fun and interactive.
This venture could allow you to diversify your income streams while utilizing your existing knowledge base in a creative way. By tapping into the growing market for educational games, you could attract a wide audience, including your current clients seeking to improve their financial understanding. This innovative side business could not only supplement your income but also strengthen your professional brand and client relationships.
14. Create a mobile app ($70.3K/month)
Starting a mobile app as a financial advisor presents a unique opportunity to supplement your income and diversify your service offerings. You could develop an app that offers users financial planning tools, budgeting assistance, or investment tracking, leveraging your expertise to provide real value to your clients. This not only enhances your professional brand but also opens up new streams of revenue.
Launching a mobile app requires a clear vision and either basic coding knowledge or the resources to hire a skilled developer. You will need to focus on creating a user-friendly experience, designing intuitive interfaces, and ensuring rigorous testing for bugs and functionality. Effective marketing strategies are crucial to attract users and achieve downloads, thereby maximizing your app's reach and profitability.
Given the integral role mobile apps play in daily life, this venture holds immense potential for innovative financial solutions. With dedication and the right strategy, your app could gain significant traction and become a valuable addition to your business portfolio, making the leap into the world of app development a promising option.
How much you can make: $1 — $500,000/month
How long does it take to build: 180 days (?)
BACH, an app that plans and books bachelorette parties, has grown from $0 to >$1M net revenue run rate in less than 6 months, gained over 100,000 users in their first 60 days, and has over 40,000 parties using the app this month.
15. Start a metal sign business ($510K/month)
As a financial advisor, you could leverage your entrepreneurial spirit by starting a metal sign business on the side. Crafting custom metal signs for businesses caters to the growing demand for unique and durable signage, helping brands boost their visibility. This venture requires artistic and design skills, which could provide a creative outlet outside of your finance-focused day-to-day responsibilities.
Additionally, the startup costs are relatively low, making it an attractive option for generating supplemental income. By securing a reliable supply of metal sheets and honing your design capabilities, you could offer both interior and exterior metal signage solutions that convey essential information and increase brand awareness for other businesses. This business could seamlessly complement your financial advisory services by demonstrating your own diversification and entrepreneurial acumen.
How much you can make: $220,000 — $800,000/month
How long does it take to build: 30 days (?)
Front Signs is a B2B sign-making company that started with four friends and grew to a team of 42 employees, generating an average monthly revenue of $800,000 from over 500,000 nationwide customers, including Coca-Cola, Six Flags, and Armani Exchange.
16. Become a medical billing and coding contractor
As a financial advisor, you could consider becoming a medical billing and coding contractor to supplement your income or start an entirely new business venture. This field lies at the intersection of healthcare and administrative work, and involves managing medical billings and codes for healthcare providers, as well as dealing with insurance companies concerning patient claims.
Given your existing skills in interpreting financial data and navigating complex regulatory landscapes, the transition to medical billing and coding could be seamless. With the increasing complexities in healthcare administration, this is a field poised for growth, offering ample opportunities for professionals who are detail-oriented and eager to learn medical jargon. This venture allows you to work flexibly from home, making it an appealing option for those looking to balance multiple professional endeavors.
How much does it cost to start: $50 (?)
17. Start a NFT startup
As a financial advisor, you could leverage your expertise to start an NFT startup, tapping into the burgeoning digital asset marketplace. By focusing on creating, marketing, and selling unique digital assets—such as art, music, and virtual real estate—you can diversify your income streams and offer new investment opportunities to your clients.
The exclusivity and ownership verification provided by NFTs are particularly appealing, making it an exciting time to dive into this field. With a solid understanding of blockchain mechanics and digital marketing strategies, you could position yourself ahead of the curve in this rapidly evolving market, collaborating with artists or even creating original content. This venture not only augments your financial portfolio but also keeps you at the forefront of modern financial trends.
How much you can make: $1,000,000/month
How long does it take to build: 10 days (?)
Chibi Dinos NFT, a play-to-earn NFT community co-founded by 25-year-old Sean Kelly, earned $2.4M in revenue during its initial sale, reinvesting 60% of its earnings into staffing and marketing while earning $2,005.0453th in secondary sales on OpenSea, thanks to tapping into Twitter users as part of its marketing strategy.
18. Become a drywall installer
As a financial advisor, you could consider supplementing your income or starting a side business by entering the specialty construction field as a drywall installer. This venture could present an attractive opportunity, utilizing your analytical skills to understand market demands and manage operational costs efficiently. By completing a three-to-four-year apprenticeship program and obtaining a certification, you could eventually start your own drywall installation business.
Engaging in this physical trade could provide a contrasting and refreshing break from office work, while offering potential for significant financial returns. Working under a certified contractor initially could allow you to gain the necessary experience before venturing out independently. Leveraging your financial expertise, you could excel in managing budgets, developing business plans, and forecasting profits, setting a solid foundation for your new business.
How much you can make: $40,000/month
How much does it cost to start: $7,000 (?)
How long does it take to build: 365 days (?)
A second-generation family-owned plumbing and leak detection business shares their success in obtaining repeat business through word of mouth referrals, staying true to their core principles, and using cutting-edge technology to provide top-notch service to clients.
19. Start a word counting tool
As a financial advisor, launching a word counting tool could be an innovative way to supplement your income or create a side business. In the digital age where content is king, writers, editors, and content creators need a reliable word counting tool to meet guidelines and maintain clarity. This demand spans a wide range of users, from students to professional authors and social media managers.
By developing a user-friendly and efficient word counting tool, you could tap into this vast market. Your financial background would give you an edge in market research and resource allocation, ensuring your tool meets the varied needs of your audience. With the right approach, your tool could become a go-to resource for anyone serious about their writing endeavors.
How much you can make: $20,000/month
How long does it take to build: 90 days (?)
Founder Kevin Miller's online word counter tool achieved over 300,000 keyword rankings, over 2,400 domain referrals and made $40,000 per month through Google's top results in just two years through SEO practices, proving the value of investing in quality and SEO.
20. Start a rice exports business
As a financial advisor with an entrepreneurial mindset, you could diversify your income by starting a rice exports business. The global demand for rice continues to rise, especially in regions like Asia and Africa, making it a lucrative market. Leveraging your financial expertise, you could navigate the complexities of international trade, from currency fluctuations to risk management.
Furthermore, your skills in client relationship management and financial planning would be invaluable in negotiating contracts and ensuring profitable deals. This venture could offer a substantial return on investment and provide a broader portfolio, enhancing your financial stability and growth.
21. Create an order fulfillment software ($12.7M/month)
As a financial advisor with an entrepreneurial mindset, you could explore developing an order fulfillment software as a lucrative side business. By leveraging your analytical skills, you could identify gaps in the current market offerings and design a solution that integrates seamlessly with existing sales channels, making shipping and fulfillment smoother for businesses.
Your ability to engage with clients and discern their specific needs will be crucial in creating a unique and valuable software product. This venture could not only supplement your income but also provide scalable growth opportunities, turning your expertise in financial landscapes into a thriving tech business.
How much you can make: $385,000 — $25,000,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 10 days (?)
ShipMonk, a technology-driven fulfillment center, went from $130K in revenue in 2014 to nearly $30M in 2018 and was named America's Fastest Growing Fulfillment Center, with projected revenue of $60M for 2019.
22. Start a packaged herbs and spices business
As a financial advisor, stepping into the packaged herbs and spices business could offer you a lucrative side venture. With your keen understanding of financial markets, you could leverage your analytical skills to set competitive pricing strategies and ensure a profitable margin. By starting an herbs and spices farm from your home, you could keep initial overhead costs low and focus your resources on high-quality packaging and branding.
Your expertise in financial planning could be instrumental in crafting effective marketing strategies that blend both modern digital platforms and traditional methods. This dual approach could help you reach a wider audience and capitalize on burgeoning market trends. Furthermore, your familiarity with risk assessment could guide you in making informed decisions about scaling your business and diversifying your product line.
How much you can make: $125,000/month
Frag Out Flavor, a veteran-owned spice blend and BBQ rub company, generates around $125k/month and is backed by a loyal customer base while also giving back to the veteran community through various initiatives.
23. Start an online books business ($85K/month)
As a financial advisor, starting an online books business could provide you a lucrative side income while indulging in your passion for literature. By creating a platform where customers can browse, purchase, and download eBooks or order physical copies, you could tap into both the digital and physical book markets, offering a diverse range of genres and formats.
With your analytical skills, you could efficiently manage the logistics, partnerships with publishers, and the marketing needed to make this venture successful. The scalability of an online books business allows you to start small and gradually expand, making it an ideal side business that can grow parallel to your existing career. Use your expertise to build a user-friendly website or app, and leverage social media to generate buzz and drive traffic.
How much you can make: $15,000 — $149,986/month
How long does it take to build: 180 days (?)
Foreword Reviews is a media company that started out as a magazine with a print run of 7,500 copies, serving as a brochure for publishing services including foreign rights exchange and digital content, and twenty years and some intense pivots later, it has become one of the most profitable in the book business.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
