Once children grow up and they are busy with their own activities most women find themselves at a loose end. A microenterprise in investment advisory services is a great way to earn extra money. You can earn a very good income without leaving the comfort of your home.
Who is an investment advisor?
An investment advisor or financial advisor is a professional who studies the stock markets, banking, insurance plans, mutual funds, etc and gives others advice on where to invest their savings.
Most people are unaware of all the different investment options available to the public. And more importantly they find it difficult to decide which would be the most profitable one.There are many companies dealing in investment advisory services, but everyone cannot afford their fee. You, as a homemaker, do not have any office expenses and can offer similar services purely on commission basis without charging a fee for advisory services.
How much can you earn?
A freelance financial advisor can earn anything between INR 1,80,000/- and 15,00,000/- or more in a year. This income in generated through commissions on selling investment options to clients and through profit sharing. Also, when you bring big investments for a particular finance company; the company will offer you a huge annual bonus as an incentive for product-loyalty. In the US the estimated minimum income of an investment advisor is about 33,000 USD, which is pretty good for a home based business.
Regulations to become a financial advisor
Every country has its own regulatory authority that defines requisite qualifications and re-qualification of an advisor. To start your little microenterprise of investment advisory services you will need some basic qualifications:
- A bachelor’s degree in finance (mandatory only in some countries),
- Insurance advisor’s certification (required everywhere),
- Mutual Fund advisory certification (mandatory everywhere).
In India, you need to pass one test for insurance through any registered insurer. And you also have to qualify for the Association of Mutual Funds in India (AMFI) test. To renew your license as a registered advisor you have to requalify every five years. A bachelor’s degree is not mandatory.
These certifications will give you basic knowledge of accounting, risk management, financial planning, tax-saving options and accounting. You also get training in marketing techniques so that you succeed in your microenterprise.
After the certification, it is time to register your name as a freelance financial advisor on Freelancer.com and Upwork.com so that people are aware of your micro business. Of course, you must also advertise through your relations, friends and all your social media profiles.
If you want to earn from the comfort of your home, this is one of the most money-making options from the long term perspective. If you are a homemaker working for extra cash these certifications are sufficient.
But if you want to chuck your existing job to become a full time financial advisor, then additional certification as a Certified Financial Planner (CFP) will come in very handy. This will give you more input on how to run a successful microenterprise in investment advisory services. Also, the earnings will be enough so that you don’t regret leaving your previous employment.