Can I Be a Part-Time Financial Advisor?

A career in financial planning can be rewarding, but it can also be demanding if you’re spending a significant amount of time each day prospecting, networking or meeting with clients. To cut back on that workload, you might wonder: Can I be a part-time financial advisor? The short answer is yes, it’s possible to work as a financial advisor on a part-time basis. Doing so can allow for greater flexibility, though there are some potential downsides to consider.

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What to Know About Being Part-Time Financial Advisor

A typical financial advisor workweek spans a minimum of 40 hours, though some advisors may work more than that. There’s no rule, however, dictating that you must work at least 40 hours a week in order to become a financial advisor. Your time commitment will depend on who you work for and what the needs of your clients are.

It’s possible to work as a financial advisor on a part-time basis, either as an employee of an advisory firm, the owner of your own boutique firm or an independent contractor. You might consider working part-time if you:

Are going back to school to earn an advanced degree
Would like to be able to work from home while caring for children
Are caring for aging parents and need a lighter schedule
Prefer to work virtually so that you can pursue a nomadic lifestyle

Those are just some of the reasons why advisors may choose part-time work vs. full-time hours.

But you also may wonder, do people want to work with part-time advisors? It seems the answer is yes. With more people seeking out financial advice online, there’s a growing market for freelance and remote advisors who are able to connect with clients on a schedule that fits their needs.

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What Does a Part-Time Financial Advisor Do?

A financial advisor who works part-time isn’t that different from an advisor who works full-time with regard to the advisory services they provide. Part-time financial advisors help clients implement a plan for reaching their financial goals, and the kind of advice they offer can span everything from budgeting to retirement planning to estate planning.

The difference is that part-time financial advisors work fewer hours. Instead of working 40+ hours per week, they may work 10 or 20 hours per week. Part-time advisors can meet with clients in person or virtually, depending on their clients’ needs and preferences. Just like full-time advisors, part-time advisors can be fee-based or fee-only.

As mentioned, part-time advisors may work for an advisory firm or run their own businesses. Some part-time financial advisors may choose to become independent contractors and work with clients on a 1099 basis. That’s the upside of becoming a part-time financial advisor: You have more freedom to choose how and when you want to work.

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How to Become a Financial Advisor Part-Time

A group of financial advisors having coffee.

How you approach becoming a part-time financial advisor can vary depending on your starting point. If you haven’t yet obtained the necessary education and certification to work as an advisor, then that’s the first step.

If you’re already working as an advisor full-time, then you have a few options. The first is talking to your current employer about the possibility of reducing your hours. You might also use that as an opportunity to introduce the idea of doing at least some of your work remotely.

What if your advisor isn’t willing to entertain you working part-time? At that point, you have three other possibilities to weigh:

Look for a new role at a firm that’s hiring part-time advisors
Start your own advisory firm
Become a freelance financial advisor

Which path you follow can depend on what kind of part-time career you’re envisioning for yourself. If you’re not that interested in being your own boss, then you may focus on finding companies that are hiring part-time advisors. On the other hand, if you’re ready to have more control over how you spend your time and the types of clients you work with, then you might decide to start your own business or go freelance.

When you’re ready to make the move to part-time work, it’s important to define what that will look like. You should have an idea of the maximum number of hours you want to work each week. It’s also helpful to think about what kind of daily schedule you’ll follow and when you’ll meet with clients.

If you plan to work independently as a freelance financial advisor, consider how you’re going to market yourself to attract clients. You may need to find an online lead generation service, like SmartAsset AMP, that can help with bringing in a consistent flow of customers. Also, think about the maximum number of clients you’d like to work with at any given time and how you plan to structure your fees.

How to Structure a Part-Time Advisory Practice

Running a part-time financial advisory practice requires a clear structure. Limited working hours mean that you must use time efficiently and stay consistent when it comes to client service, compliance and communication. The goal is to build a focused practice that works within your available schedule while maintaining professional standards.

The first step towards this is to choose a service model that matches your capacity. Many part-time advisors focus on hourly planning, one-time reviews or short-term consulting instead of full ongoing management. This approach allows you to provide specific guidance without the obligation of continuous portfolio oversight. Other part-time advisors opt to specialize in certain client segments, such as working with small business owners or early-career professionals, where engagements are more project-based.

Technology is helpful in reducing administrative work and improving consistency. A strong CRM, virtual meeting tools and secure document management systems can streamline operations. Using model portfolios, automated billing and digital scheduling can assist in managing multiple clients without adding staff. Automation can also support regular communication through client updates or newsletters.

Defining client limits and office hours helps maintain balance. Decide how many clients you can serve effectively and when you will be available for calls and meetings. Keeping a predictable schedule allows you to stay organized and responsive. Grouping meetings into specific days can also preserve time for research, planning and compliance.

Some advisors choose to work with partners or outside services. Joining an RIA platform, hiring a virtual assistant or using outsourced compliance support can help manage workload and meet regulatory requirements.

Pros and Cons of Working as a Financial Advisor Part-Time

Being a part-time financial advisor can allow for flexibility, which may be important to you if you need to have more time available for other things. For example, you may have competing goals, such as if you’re a financial advisor and a stay-at-home parent. Being part-time vs. full-time can make it easier to do both, without feeling overwhelmed.

Of course, becoming a part-time advisor can mean making some adjustments, especially if you’re used to working full-time. The biggest drawback may be a decrease in income, as you may earn less working fewer hours. However, if you’re primarily motivated by a desire to have more freedom or simply deal with less stress professionally, then that’s a trade-off you might be willing to make.

Bottom Line

A man researching if he can be a part-time financial advisor.

Can you be a part-time financial advisor? Yes, though some thought and planning are necessary to ensure that a part-time arrangement is right for you. Knowing what options you have for working part-time and considering all of the potential pros and cons can help you to decide if it’s a good fit as you map out your career path.

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