3 reasons to college students should explore becoming and IFA
It takes a lot to be qualified as an IFA, Independent Financial Adviser, and now that you’ve been certified, it’s time to consider where best to use your financial prowess. One way to grow a business that will last a literal lifetime is to catch investors early on when they are seeking to grow their wealth over the course of their own lifetime. Here are three reasons why you might want to specialise in college students as an IFA.
1. The rising cost of education
There is a growing concern over the cost of getting a post-secondary education and even today’s maintenance loans are insufficient to cover the financial needs of college students living away from home. It is estimated that students now need a minimum of £807 per month just to survive, without all those nice little extras students need to maintain their sanity during these years of gruelling study. An IFA specializing in advising college students would have a ready-made market because no one needs financial advice more than those just starting out in life!
2. Availability of IFAs for sale
Just as college graduates are entering the workforce at a time when the last group of Boomers are set to retire, so too are you beginning your sojourn in the world of financial advisers during this era. One of the reasons why now is the time to begin advising college students is because of the availability of IFAs for sale. Not only will you have a ready-made client base when taking over the business, but you will be building a future generation of clients by catching them at the beginning of their working years.
3. Discovering the importance of investing NOW
You have found the world of investments and growing wealth to be an exciting career. However, nothing is more exciting than showing today’s young adults just how important it is to invest and use money wisely. One of the issues which retirees are now facing is that they didn’t plan accordingly when saving/investing for their retirements early enough to make a difference. The key to being financially stable at retirement is in planning from the very beginning of their careers. As an IFA who specialises in college students, you will be helping to build a generation of future retirees who aren’t left on the fringes of poverty.
It is imperative that today’s college student understands the importance of planning for their future even before they’ve got that degree in hand. Most will take on jobs to sustain them beyond those maintenance loans and the extra disposable income can be placed in funds or other investment vehicles to begin growing NOW for use at a later time. Whether setting investments for retirement or to help their future children afford the rising costs of education, now is the time to catch them early on so that they can truly look forward to a brighter future. By helping them today, you will have a client base going forward as their investments continue to expand. By helping them, you are helping your IFA business and that’s a win-win start to that IFA business you bought ready-made.
Photograph by Geralt