A Store That Sells Financial Advice?

by J.D. Roth

A good friend emailed me looking for financial advice the other day. Pam wrote:

A friend of mine is getting married this summer and…blah blah blah. [The main story/question in Pam’s email isn’t germaine to this article. Plus it’s private.]

My friend really wants a financial planner-type person to help them, but she realizes those people really are for people with money to invest (and ultimately pay the financial planner) and her issue is a shortage of money.

Are there neutral party, financially educated people to advise those who are trying to make good decisions but need some help to see all the implications? Where should she look?

Responding to Pam, I was reminded of a business I wanted to start several years ago, just after I sold Get Rich Slowly. At that time, I had a number of friends and family asking for financial advice. It occurred to me that there was a market for a new kind of financial professional. Here’s what I envisioned:

As I was writing to Pam this morning, I realized that this idea excites me even more today than it did four years ago. My skillset is well-suited to a business like this. I’d love to give it a go. There are, however, some problems.

I like the idea of creating and running some sort of “money store”, but I’m not ready to actually do anything about it. Maybe I should do some research. I could find out the legal ramifications of giving financial advice. I could figure out what sorts of products I could offer. I could learn how much it would cost to lease a space for the store.

Who knows? Maybe a couple of years from now, you’ll be able to walk into a store called Get Rich Slowly in your neighborhood…

Note: Do businesses like this already exist? Where do you find them? If you were Pam, where would you send her friend for financial advice?

Updated: 06 May 2013

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