Adviser specific support

Unlike other non-regulated business, financial advisers have a third administrative function governed by the authorities; on compliance, regulation and generic industry administration. Directly authorised firms tend to have their own staff for this activity or they outsource to other compliance firms, however the best system is t align with a company specifically set up to provide these services and support functions for you.

These companies deal with the regulatory burdens and agency relationships on your behalf. It is not easy to maintain over 180 agencies while trying to advise and support your clients, so joining a firm specifically so that it does that for you will you to focus on your clients.

Payment for support varies depending upon the level of support you require, so make sure you shop around, but the best firms are those who reconcile your fees for you and make regular payments into your account. Full records of these payments and reconciliations will also help you to prepare your annual accounts.

Adviser centered business models such as ours have no growth restrictions. The recruitment of an adviser anywhere in the UK is possible because of our technology; everything in the cloud. Our advisers come with their own clients in their own location, and we provide the brand, function and support they need.

as we grow, we need to increase the support we offer to advisers. However, with any growth, we must ensure we don’t deviate too far from our efficiency ratio.

Our business model is designed to expand efficiently (and significantly) at a ratio of ten advisers to one member of staff and that is the only constant to maintain. The only limit we have is our own ambition.

This ratio allows us to provide advisers with the support they need, yet maximise the returns on their fees. It’s about creating the right balance.

for you to support your clients in achieving their targets you need to know there is a support function for you – a place with like-minded advisers who understand the industry and what you are trying to achieve. You will need an environment that takes away your business time so you can focus on helping your existing and new clients. You need someone or something to support you while you support your clients.

Happy Financial Advisers recognise the importance of compliance and active support as a protection facility, so they can focus on developing new business connections.

Directly authorised firms feel they have more control. However, they are swamped with regulation so much that their time is absorbed with administration not linked to client advice or client support. In essence, the combination of running a small firm and advising clients are two roles that can be separated. While you advise your clients, let others deal with your agencies.

The support of your clients and the recording of that support is all time-consuming. However, if you offload the regulation element to a firm dedicated to the task, you will have the freedom to support your clients in achieving their goals. Further, couple with the right use of technology in monitoring your clients progress, you will make more time to advise new clients.

For more information on how Truly Independent could support you and your business, arrange a Discovery Session here.