Compensation and Benefits of Working from Home
One way to get started working from home as a financial planner is to work as an employee for a company that allows their financial advisors work flexibility and remote work options. Financial planning companies that are primarily online-based can be a good source of employment for financial planners looking to work from home. These companies have already embraced online technology as a means to interact efficiently and conveniently with their customers, so it makes sense that they extend these benefits to their workforce as well.
Many websites that offer online planning either allow or require their clients to upload most or all of their financial accounts and information into a sophisticated proprietary planning or budgeting program that allows the planner to see the client’s entire financial picture at a glance.
This level of technological transparency greatly reduces the amount of time that planners traditionally had to spend gathering and entering their clients’ financial information. Clients who provide all of their information properly through this channel can often receive immediate feedback from the planner on certain topics.
Personal Capital is an example of a company that offers financial advisory jobs that are either partially or fully remote. Bill Harris, a former CEO of PayPal and Intuit, launched his financial planning advisory firm in 2011 in an effort to provide effective money management for clients with $100,000 to $2,000,000 to invest.2 Personal Capital provides a turbo-charged indexing investment program and assigns a personal advisor to communicate directly with each client. Clients can also link all of their financial accounts together on the online financial dashboard. Basic membership is free and personalized advice and money management are priced very competitively.
Financial planners who work remotely for companies are usually paid either by the client or receive a salary. And while most planners are still expected to market themselves in their sphere of contacts, substantial leads are typically provided on a regular basis. But the benefits of this niche go beyond dollars and cents. Some sites offer 24/7 access to a financial planner, which could be an attractive option for those who enjoy working nights.
As with other work-at-home jobs, this alternative could also appeal to planners with young children. Parents who left their financial careers to care for young children may be much more able to fit this type of arrangement into their schedules than a traditional advisor position, and this option will most likely pay considerably more than most other work-from-home alternatives.