FA Center: Here’s an inside look at how two financial pros built successful tech companies

Financial advisers who launch their own firm often see themselves as entrepreneurs. But some of them dial it up a notch. An enterprising few start a technology company on the side. And a lack of knowledge about software development doesn’t stop them.

Given their background and training, advisers are well equipped to embrace entrepreneurship. They understand how to evaluate risk, allocate capital, and manage their time. If they run their own practice, they also have experience delegating, marketing, and enlisting outsiders for help — skills that tech entrepreneurs must master.

“To become a successful entrepreneur, you need passion and to surround yourself with others who share your passion,” said Michael McDaniel, an adviser who co-founded Riskalyze, a fintech firm, in 2011.

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