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Want to start a business but don't know what sector

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    #32
    BailMeOut
    Registered Users Posts: 2,966 ✭✭✭BailMeOut


    pedroeibar1 wrote: »
    Ask? Because anyone who knows anything about the financial advice industry would know about compliance and the regulatory process, and as a result would not make an ill-informed statement about 'becoming a financial advisor'.

    The OP is looking for ideas and none of us know what he is capable of. Anyone can be anything they want to be if they really want it. What has regulatory and compliance to do with it as if others can study, train and get the requirements why not the OP?

    The ignorance in this country when it comes to financial planning is scary and nobody seems to be tapping this market. I work in financial service (on the tech side) so am somewhat savy but I cringe when I hear that well eduacated good friends and family have no plans, have tiny or no pensions, have never bought stock in any company or have no plans to pay for kids college.


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    #33
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    BailMeOut wrote: »
    Anyone can be anything they want to be if they really want it.
    Nonsense.
    BailMeOut wrote: »
    What has regulatory and compliance to do with it............The ignorance in this country when it comes to financial planning is scary and nobody seems to be tapping this market. I work in financial service (on the tech side) so am somewhat savy....

    That really summarises why some advice proffered on this forum should be seriously questioned.

    If, as you say, you work in financial services, next time at the coffee machine/ photocopier ask one of the outdoor staff about compliance and regulatory matters. Without qualifications and a long training period in a starter job, the OP has no hope of being approved by the CBI. Thankfully.

    Ireland is no different to other markets when it comes to financial planning. The principal reasons for that are because many Irish people (a) do not trust those selling (mis-selling?) financial products; (b) the level of fees/commissions charged are perceived as excessive; (c) basic financial ignorance and a fear/reluctance to admit it.

    Any person that writes “ Want to start a business but don't know what sector” has no hope of succeeding at any idea suggested by another.


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    #34
    BailMeOut
    Registered Users Posts: 2,966 ✭✭✭BailMeOut


    pedroeibar1 wrote: »
    the OP has no hope of being approved by the CBI.

    Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

    We have all seen people who made dramatic career changes into new things and have become quite successful.


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    #35
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    BailMeOut wrote: »
    Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

    We have all seen people who made dramatic career changes into new things and have become quite successful.

    Still it shouldnt be underestimated that for the average person getting into the industry properly would be pretty difficult. Granted OP sounds like their financial knowledge is probably better than the average person but at the same time it isn't a business you can open up tomorrow very easily.


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    #36
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    One More Toy wrote: »
    No I wasn't, I was just looking for ideas to assist in my brainstorming

    With no interests and no skills makes it hard to suggest much! Presumably at the weekends you don't just sit at home playing with spreadsheets? What sort of stuff do you normally do at the weekend?

    Would you explore trading more? On etoro you could become a copied trader if you have a decent provable track record. It's hard to make much from it (the top traders are clearing 6 figures just in reward payments) but the $500/month level isn't that hard to get to if you put the time in.

    https://www.etoro.com/customer-service/help/886382132/popular-investor-level-requirements-and-benefits/

    Not an amount to live from but gets you some of the way. A few moderate earners does the job as well as one big one.


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    #37
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    BailMeOut wrote: »
    Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

    We have all seen people who made dramatic career changes into new things and have become quite successful.


    Have you read the opening post? He wants to start a business. It is daft to suggest he starts an investment brokerage.
    Other than reading several of his sixty-odd posts in the investment forum (many of which I disagree with) you are correct that I know nothing about the OP. But I do know about regulation and compliance in the FS sector. Do you? Do you know what an ‘IQ’ is?


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    #38
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    pedroeibar1 wrote: »
    Have you read the opening post? He wants to start a business. It is daft to suggest he starts an investment brokerage.
    Other than reading several of his sixty-odd posts in the investment forum (many of which I disagree with) you are correct that I know nothing about the OP. But I do know about regulation and compliance in the FS sector. Do you? Do you know what an ‘IQ’ is?

    That’s that show on the telly with Stephen Fry on in played in reverse isn’t it ?

    :)


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    #39
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Bandara wrote: »
    That’s that show on the telly with Stephen Fry on in played in reverse isn’t it ?

    :)


    :D:D If only.
    Anyone with any knowledge of the FS sector would not have advised the OP to set up a financial advisory business, no hope of getting approved.

    FWIW, the IQ is the Individual Questionnaire, an online form hated by all in the regulated FS sector. Every position of any authority or a change of job/role requires its completion before the position can be ratified. Thirteen pages of questions, with lots of attachments required, such as Police Checks, copy qualifications, degrees/diplomas, details of past jobs/dates/positions held, experience, etc.

    Blame Neary and the Quinns!


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    #40
    Liamo57
    Closed Accounts Posts: 157 ✭✭Liamo57


    My advice to you is dont touch business with a bargepole if you dont even know what you want to do. My wife and all my children are in business and I had a few businesses in my time. You need a great work ethic for starters and business is 7 days not five.


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    #41
    mariopepper
    Registered Users Posts: 20 ✭mariopepper


    Stable businesses is the best option as for me. When you don't have enough experience you should do what you can learn. Just try to make small business like sallerman or smth like that and then you we'll see the prospect


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