CheckMate

Here’s another one you may have missed - an AP story that’s been reprinted in many newspapers, but it sure wasn’t front page (you already know my attitude about that stuff). It’s appeared under several headlines, including this one: “Defying the surveys and statistics, some small companies are expanding their payrolls”.

Key points:

• “While the government has reported job losses in the hundreds of thousands since the start of the year, many small businesses are looking to build their staffs, not cut them.”

• “The good news is that small business owners in general don’t seem to be looking to eliminate jobs.”

• “Having a service or product that’s in demand, particularly in a downturn, is helping many small businesses flourish.”

Now, if you’re trying to go to work for a big wirehouse, you may be thinking, “OK, that’s great, but what’s it got to do with me?” I’m actually hoping you aren’t thinking that, because that would definitely show you’re ahead of the game when it comes to becoming a financial advisor, but, in case you are, here’s the deal…

Small businesses make up a significant portion of the target market for many financial advisors. The owners have money to invest, and also, in many cases, need financial planning done for the employees of the business as well.

In fact, one of the very best networks a potential financial advisor can have is small business owners. Financial services firms will be looking at your potential target market when you are trying to come on board, and most will be very happy if you can tell them you have a strong network of many local small business owners.

You should already be thinking about what your target market will be before you pursue a financial advisor career. As you’re doing that, determine just how many of your friends and acquaintances own their own businesses. And, if you don’t know any people like that…well, you need to get out and meet some.

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