In what might be the first of its kind - at least in terms of its big format and big cost - Douglas K. Harman, president of Harman Investment Advisors, has written a book, "How to Start Your Own Money Management Business."
The book, 340 pages collated in a three-ring binder, is priced at $275. Published by Irwin Professional Publishing, a division of Richard D. Irwin Inc., Burr Ridge, Ill., the book will be available sometime in late September.
Even though the number of registered investment advisers rose to more than 21,000 from 9,000 a decade ago, according to the publisher, Mr. Harman's book hopes to make it easier for more competitors to enter the market. Without any such help, Mr. Harman three years ago started his own Northbrook, Ill., firm; it now has $5 million under management.
Written for the still-growing group of investment-related professionals seeking to start their own money management firms - including former employees of pension sponsors, banks, insurance companies and investment advisers - the book covers the administrative and general business responsibilities of the aspiring asset manager.
It details legal procedures, including compliance and registering with federal and state authorities, to set up a firm. Among other issues, it covers how to create a comprehensive business plan, generate and find new business, measure performance and develop client reporting and internal control.