Our model stands as a testament to our commitment to empowering and elevating our advisers, providing them with a transformative platform for unparalleled success. At the very core of this groundbreaking approach lie the six pillars, the 6 S’s, which collectively serve as the blueprint for a revolutionary and empowering journey:
Structure: At the foundation of our model lies a robust structural framework. We believe that a well-defined structure provides the stability necessary for growth.
Strategy: Crafting a visionary strategy is imperative for success. We work closely with advisers to develop tailored strategies that align with their unique goals and aspirations.
Systems: A finely tuned system is the backbone of efficiency. We implement cutting-edge technological systems that streamline operations and enhance productivity.
Services: Our commitment to excellence is reflected in the high-quality services we offer.
Support: Every journey is smoother with a strong support system. We offer unwavering support to our advisers, providing them with the resources, training, and mentorship needed to navigate challenges and seize opportunities.
Succession: Succession planning is at the core of our model. We encourage advisers to start with the end in mind – envisioning a business that is not only highly efficient but also capable of generating new business consistently.
As these pillars converge, they culminate in the final “S” – Synergy, symbolising the harmonious blend of elements that defines the unique and empowering service we offer to our advisers.
When you join Truly Independent, you embark on a journey where the end goal is clear – Succession. The graph presented to you illustrates the roadmap, encouraging you to start with the end in mind. Our model is about building an extremely efficient business that consistently generates new opportunities is the key. This not only makes your business attractive to potential buyers but also ensures a continuous stream of revenue, setting you on the path to long-term success.
Structure
Our model begins with “Structure”. We are a National IFA, Directly Authorised, multi-adviser firm. We run everything in-house from our compliance to our marketing and while we outsource our technology, all other company operations are run internally. This allows our advisers to focus on their clients, while we focus on the non-client business activities which this highly regulated industry demands.
This way we are able to help our advisers promote their business while ensuring their business is effectively protected. It’s a win-win business model.
We work with self-employed advisers under a contract for services. We offer all new advisers a cooperative ethos, about being inclusive, a part of something, working for the good of the whole and each benefiting from that.
Strategy
We focus on seeking out and recruiting only the best available financial advisers who have a desire to make a difference and understand our ethos.
Staff numbers are growing and all are dedicated to helping, supporting and guiding the advisers. Our aim is to maintain a business efficient ratio of 10 advisers to one staff member meaning advisers retain more.
Our ambitions are to have an IFA within 35 miles of everyone in the UK who provide financial advice that is unbiased, unrestricted and affordable
We exist to support advisers who understand and appreciate that our development is always to embrace the values of independence and free from product influences.
Systems
Our back office system is powerful and comprehensive. The system runs everything automatically; it’s a single data entry all the way through, completely paperless and easily accessible UK wide.
Our website is aimed at the customer with helpful and engaging information. They have the ability to use our search tool to find a Truly IFA in their area. They can access financial calculators, fact sheets, magazines and more. Customers can login to their own personal web portal and obtain real time valuations from a variety of product providers and firms.
Our intranet brings together people who share the same goals, traditions and ambition so that collaboration just happens – even on the go.
Services
Advisers who focus on ‘making a difference in the lives of others’ rather than making more money is a key factor to being happier in business, and the higher income will follow.
To ensure we treat our clients fairly and transparently, all our advisers charge the same fees: We charge 3% of first £100,000 of investment, 2% for the next £100,000 and 1% for anything above £200,000. This will be maximised at £10,000. There is a minimum ‘engagement’ fee of £500 for each new piece of advice, which applies within your first 12 months of engagement with Truly Independent Ltd.
Our advisers focus on setting goals for their clients and ongoing monitoring of their client’s achievements towards their goals are reflected in the well-structured ongoing support facility we operate. Advisers earn 5% extra for all compliant fee income they receive for provision of ongoing support business.
Support
All our staff have one core question in mind, ‘how can they make a difference to the lives of our advisers?’ This ethos is testament to the mindset of our staff who thrive on a culture of growth and creativity.
We provide all new advisers with local ‘mentoring support’. From our vast experience, we know that ‘in the field’ support is crucial to the long term success of any multi-adviser firm. Our mentors are all existing Truly IFAs who have already achieved the company’s minimum standards of advice, competence and training.
Our Action Team is specifically set up to take new advisers from their induction course straight through to being signed off as a Truly Competent Adviser (TCAS) and beyond. They operate as a ‘help desk’ and are collectively involved in all company functions such as training, case checking, pre-approvals, mentoring, supervision and advice.
Succession
Our succession strategy will help you to be prepared for retirement. When you look closely at the process and activities needed to sell your business to a third party, as guided by the FCA, the sale becomes less attractive over succession.
Succession is the process of passing your business on to another adviser within the firm. It is the simplest and best solution, and can be legally binding too.
Our contracts and successor agreements ensure smooth and uncontested client relationships and handover. Of course, you may already have a successor in mind.
Our succession strategy ensures:
- You can plan retirement without any disruptive transitions.
- Your clients will receive continuity of available advice and ongoing support with ease.
Synergy
Synergy symbolises the harmonious blend of Structure, Strategy, Systems, Services, Support, and Succession. It represents the unique and empowering service we offer to our advisers. Through the synergy of these elements, advisers can experience a seamless integration of tools, strategies, and support, resulting in a business that is not only successful but also sustainable in the long term.