How to Make 6 Figures As A Financial Advisor? (11 Best Ways in 2024)
So you want to make six figures as a Financial advisor? Good for you! Being a Financial advisor is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a Financial advisor - business ideas you can start to achieve such income. Keep reading to learn more!
1. Start a podcast ($97.9K/month)
Starting a podcast could open new revenue streams and elevate your career as a financial advisor by positioning you as an expert in your field. By sharing valuable financial insights and advice, you could attract a dedicated audience, which in turn opens opportunities for sponsorships, advertising, and even premium content subscriptions. Essentially, you could turn your knowledge into a marketable product that reaches thousands of potential clients.
Moreover, a podcast allows you to establish a personal brand, which could translate into enhanced credibility and trust with your audience, leading to more clients seeking your financial advisory services. With minimal startup costs, including basic recording equipment and a hosting platform, this venture can be both financially accessible and highly profitable. Additionally, promotional activities such as social media marketing can help you grow your listener base and maximize your income potential.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
2. Create an online course ($82.8K/month)
Creating an online course could significantly boost your income as a financial advisor by monetizing your expertise and filling educational gaps in the finance industry. By developing engaging video lessons and supplementary materials on topics such as investment strategies, portfolio management, or retirement planning, you could attract a dedicated student base eager to learn from a professional.
This venture requires minimal startup costs and offers flexibility, allowing you to create either self-paced courses or cohort-based structures. For entrepreneurial-minded financial advisors, an online course platform presents a lucrative opportunity to generate passive income while providing valuable knowledge to lifelong learners.
How much you can make: $275 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
3. Start a career coaching business ($48.5K/month)
Starting a career coaching business could complement your role as a Financial Advisor by allowing you to leverage your existing knowledge in finance and your talent for guiding others. By offering personalized guidance on resume building, interview preparation, and workplace advancement, you can build a client base that values your strategic insights. This not only supplements your income but also broadens your professional network, opening doors for more financial advisory clients.
With the flexibility for in-person or virtual meetings, you could easily integrate coaching sessions into your existing schedule. Capitalize on your speaking talents and human resources expertise to empower clients through specialized advice and accountability, turning your intrinsic motivational abilities into a lucrative side business. An entrepreneurial approach here could help you reach a six-figure income while maintaining control over your professional time and efforts.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
4. Start an ecommerce store ($287K/month)
Supplementing your income as a financial advisor by starting an eCommerce store could be a lucrative endeavor. With lower overhead costs, increased flexibility, and the ability to tap into a wider audience, an online business allows you to diversify your revenue streams effectively.
The booming eCommerce market caters to consumers seeking convenience and efficiency, enabling you to reach customers who prefer shopping from the comfort of their homes. By setting up a website, managing inventory, and implementing payment processing solutions, you could create an additional income source that propels you towards making six figures.
Embracing this entrepreneurial path could not only enhance your financial stability but also offer you opportunities to explore new interests and expand your professional skill set.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
5. Start a youtube channel ($146K/month)
Starting a YouTube channel could be a powerful way to supplement your income as a Financial Advisor. By sharing valuable financial tips, market analyses, and investment strategies, you could attract a large audience and establish yourself as an authority in your field. This could, in turn, drive more clients to your primary financial advisory business, while also generating passive income through YouTube's monetization system.
Once you reach the threshold of 1,000 subscribers and 4,000 watch hours in the past 12 months, you could join the YouTube Partner Program and start earning from ads shown on your videos. Additionally, you could explore partnerships, sponsored content, or even create exclusive financial courses and sell them to your audience. With dedication and strategic content creation, leveraging YouTube's popularity could help you pave the way towards a six-figure income.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
6. Start a social media marketing agency ($386K/month)
Starting a social media marketing agency could help you make six figures as a Financial Advisor by offering a flexible and scalable way to supplement your income. By leveraging your expertise in financial advising, you could develop a niche marketing strategy aimed at financial services, attracting clients such as other advisors or financial institutions who need to enhance their online presence.
Additionally, the automation tools available in social media marketing make it possible to manage multiple accounts efficiently, allowing you to continue focusing on your main career. Creating a strong portfolio will enable you to market your services effectively and attract a steady stream of clients, ultimately boosting your overall earnings.
How much you can make: $1,000 — $4,166,667/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 75 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
7. Start a freelance writing business ($62.6K/month)
Starting a freelance writing business could be a lucrative way to supplement your income as a financial advisor. As a freelancer, you could leverage your expertise to write insightful articles, blog posts, or even eBooks on financial topics. This not only allows you to earn extra money but also positions you as a thought leader in your field.
With strong writing skills, the ability to meet deadlines, and proper communication abilities, you could attract high-paying clients who value your financial knowledge. Additionally, the flexibility of freelance work means you could manage this business alongside your financial advisory career, working from home and setting your own schedule. This blend of flexibility and entrepreneurial potential makes freelance writing a compelling avenue to achieve six figures.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
8. Become a social media influencer ($57.4K/month)
As a financial advisor, you could significantly supplement your income by starting a side business as a social media influencer. By leveraging platforms like Instagram, YouTube, Facebook, and TikTok, you could reach a vast audience, providing financial tips, investment strategies, and personalized advice. Brands are eager to partner with influencers who have established credibility and can effectively connect with their target audience.
Choosing a niche that aligns with your expertise and interests allows you to create compelling, relevant content that could attract a large following. Over time, your authority in the financial sector would grow, making you an appealing partner for brands seeking to engage with your audience. This additional revenue stream could help elevate you to a six-figure income while also enhancing your professional profile.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
9. Digital products ($242K/month)
Supplementing your income with digital products could be a lucrative way to boost your earnings as a financial advisor and help you reach six-figure status. By creating informational products like eBooks or online courses about financial planning, investment strategies, or retirement planning, you could monetize your expertise and provide valuable resources to a broader audience. Digital products are easy to create and can be sold directly from your website without the need for physical inventory, making this a low-risk, high-reward opportunity.
Additionally, you might explore developing software-based tools or apps that assist clients with budgeting, wealth management, or financial analytics. With the increasing demand for accessible, online financial education, a membership site or community platform could also provide a recurring revenue stream while allowing you to offer personalized advice and build lasting client relationships. The possibilities are endless, and leveraging digital products could be your key to financial growth and stability.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
10. Start a blog ($44.9K/month)
Starting a blog could significantly supplement your income as a financial advisor by allowing you to reach a broader audience and establish yourself as an authority in the financial industry. Given that 77% of internet users read blogs and blogs are rated as one of the most trustworthy sources of information, your insights could attract a substantial following and client base, driving more business your way.
Additionally, the flexibility of blogging lets you work at any time and from any location, making it an excellent side hustle or even a full-time gig. With approximately 409 million people viewing over 20 billion pages each month, a well-strategized blog could generate significant advertising revenue, affiliate income, and opportunities for sponsored content, helping you inch closer to a six-figure income.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
11. Become an affiliate marketer ($55.3K/month)
Starting an affiliate marketer business could be a strategic way to supplement your income as a financial advisor. By promoting other companies' financial products or services through your own marketing efforts, you could earn commissions on every sale made through your referral link. This business model requires minimal upfront investment since you don’t need to create or own the products yourself, making it accessible and low-risk.
You could sign up for affiliate programs within the financial industry, such as investment platforms, insurance providers, or financial software companies. Once approved, you'll receive unique tracking links that help the company track sales generated through your referrals, allowing you to earn a commission for each successful sale. By leveraging your expertise in finance and your existing client base, you could drive significant traffic and sales, potentially helping you to reach six-figure earnings.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
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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.
