While starting your own investment firm is challenging,the process can be fascinating. You will have the satisfaction of running a business that can make a positive difference in your clients’ lives, helping them to manage the money they earn and to save and invest for a comfortable retirement. eHow asked investment advisor Larry Russell, who owns a successful one-man financial planning and investment firm in Pasadena, California, what you need to know and do to succeed in the investment business.

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eHow: If you want to own your own investment firm, where do you begin?

Larry Russell: You begin by being interested in the investment process, which means reading a lot, possibly beginning with The Wall Street Journal and the financial section of The New York Times, but continuing on to a thorough understanding of the important academic research on the behavior of the stock market and the investing behavior of investors. It helps to be an investor yourself. What I’m suggesting isn’t some education path that takes a few weeks. Whether you get a bachelor’s or master’s degree in finance or educate yourself, it’s a process that can take years.

eHow: Is that how you started?

eHow: Who are typical clients and what do you offer them?

Larry Russell: Well, they all have some money to invest, but not all of them are wealthy. Many find me after having becoming dissatisfied with the higher fees of some other financial institutions. One generalization I can make is that they all need some help investing their money wisely. Unfortunately, there’s a lot of misinformation floating around out there about how to invest, particularly in the stock market. I provide my clients with a customized financial road map on whatever topics are relevant to their goals. I give them completely objective, research-based advice on any personal financial planning or investment topic they choose. My goal is to help them become knowledgeable and self-sufficient in their financial decision-making. What I don’t do — and this makes me different from many financial advisers — is to provide ongoing financial management for an annual fee. I provide either comprehensive lifetime financial and investment plans for a fixed rate or financial consulting on a specific subject on an hourly basis. Much of my advice has to do with pointing clients toward the lowest cost means of investing their money at the lowest possible risk.

eHow: How do you get your clients?

Larry Russell: I have several financial websites, including The Skilled Investor and The Pasadena Financial Planner, and some clients come through those sites. Other clients are referrals from current or past clients. I don’t do any promotion other than that. I intentionally do not chase after new clients. Proactive clients who find me are the best clients to work with. I find there’s a direct correlation between the grossly excessive fees that some financial advisers ask you to pay over the long-term and the aggressiveness of their sales pitches. On the other hand, If you’re providing clients with real value, they will find you. Having said that, I also have to warn anyone contemplating a career as an independent adviser, not to expect quick riches. Like any small business, it takes years to get established.

eHow: Any tips for someone contemplating a financial advising career?