An Ad­vi­sor Side Hus­tle

“It was just this random, zany thought,” ad­vi­sor Doug Boneparth says of his ad­vi­sor-fo­cused T-shirt busi­ness.

Financial Planning - - Contents - BY AMANDA SCHI­AVO

“It was just this random, zany thought,” ad­vi­sor Doug Boneparth says of his ad­vi­sor-fo­cused T-shirt busi­ness.

As an ad­vi­sor, you might have sug­gested to clients that find­ing a way to pick up some ex­tra cash on the side is a great way to sup­ple­ment their in­come.

But have you ever thought of do­ing that your­self? Lest you think that holis­tic plan­ning and di­ver­si­fy­ing port­fo­lios won’t leave you with enough time, take a page from the ad­vi­sors who found a mo­ment to turn a random idea into a busi­ness.

Doug Boneparth of Bone Fide Wealth in New York, who has been fea­tured in Fi­nan­cial Plan­ning, and Fi­nan­cial Plan­ning colum­nist Dave Grant of Re­tire­ment Mat­ters in Cary, Illi­nois, teamed up a few months ago to launch an ad­vi­sor-fo­cused nov­elty T-shirt busi­ness.

The idea oc­curred to Boneparth when he was con­tem­plat­ing the fee-only ver­sus fee­based is­sue ad­vi­sors of­ten de­bate, he says.

“Some­where out of that came [the idea of] why not poke some fun at the pro­fes­sion,” he says. “It was just this random, zany thought, I re­ally haven’t seen too many fi­nan­cial ad­vi­sor-re­lated things ever make it on to cloth­ing.”

Boneparth reached out to his fel­low ad­vi­sors in a Face­book group to get some feed­back on the idea and came up with the three shirts — “#Fidu­ciary AF”, “Come at me bro­ker” and “I do it for the bps” — cur­rently on sale from Faaf Ap­parel.

Grant — whom Boneparth had never met in per­son — reached out when Boneparth asked his fel­low ad­vi­sors if they’d had any ex­pe­ri­ence in this area.

“Dave comes in and says he did it in col­lege and ac­tu­ally had ex­pe­ri­ence do­ing this via Drop Ship and could eas­ily set it up,” Boneparth ex­plains. “It was in­stant, ‘You’re a part­ner’ [af­ter that].”

The pair was able to turn the busi­ness around fairly quickly, launch­ing the web­site af­ter only a few months of plan­ning.

While side busi­nesses are usu­ally de­signed to pull in some ex­tra in­come, Boneparth says he doesn’t ex­pect this to be a cash cow and he’s OK with hav­ing sold only a “hand­ful” of shirts so far. “When your ex­pec­ta­tion is zero, one sale is a big win,” he says.

How­ever, if they do sell enough shirts, he says he would like to use a por­tion of the pro­ceeds to fund a CFP exam schol­ar­ship.

Ad­vi­sors Doug Boneparth and Dave Grant have cre­ated a nov­elty T-shirt busi­ness for their peers in the in­dus­try.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.