In the fast-paced world of financial advising, the introduction of stringent consumer duty regulations has turned many advisers’ work lives upside down. For those at firms like St. James’s Place (SJP), this pressure has become particularly intense. The surge in claims against these firms, often driven by so-called “ambulance chasers,” has compelled companies like SJP to demand more from their advisers, pushing them into roles that focus solely on servicing existing clients rather than providing new, valuable advice.
The Burden of Servicing
The crux of the issue lies in the servicing burden. As companies push their advisers to spend more time managing existing clients, especially those with lower net worth, the work becomes less about providing strategic financial advice and more about meeting regulatory requirements. This shift not only drains the advisers’ time and energy but also diminishes their ability to engage with new clients and grow their practice. The end result? A deteriorating work-life balance and a growing reluctance to serve clients who may be deemed unprofitable.
Truly Independent’s Unique Solution
At Truly Independent, we understand these challenges and have crafted a solution that liberates advisers from the servicing treadmill. Our “digital” ongoing service plan is designed to streamline the servicing process, allowing advisers to focus on what they do best: providing high-quality financial advice.
Embrace “Financial Advice for Everyone”
Our mission at Truly Independent is encapsulated in our motto, “financial advice for everyone.” We believe that quality financial advice should be accessible to all, regardless of net worth. By alleviating the servicing pressures that drive advisers away from lower net worth clients, our solution ensures that everyone can benefit from expert financial guidance.
There is an Alternative
Are you ready to transform your practice and reclaim your work-life balance? Book a discovery session with Truly Independent today and explore how our digital ongoing service plan can revolutionise your approach to financial advising. Visit our website to get started and take the first step towards a more balanced and fulfilling career.
By adopting Truly Independent’s innovative solution, financial advisers can navigate the challenges posed by consumer duty regulations while maintaining a healthy work-life balance and continuing to provide top-notch advice to all clients.
