“When a business stops making money, the doors close. And most businesses close because the business lacked a realistic strategy. No real understanding as to why they exist and worse, if they can survive long term or how they will exit into retirement.
Yet despite this, many business owners still fail to plan. Even the best financial advisers fail to plan their self- employed business adventure. I have witnessed their failures and seen their very financial demise due to a combination of bad planning and mismanagement, but mostly because they had no direction. A journey without an end goal is a journey without ambition. All too often I witness this aimless journey for many new financial advice business owners. They tend to live in the short term ideology without consideration for the journey or the end.“
The Happy Financial Adviser, Truly Independent CEO, Andrew Goodwin
The Power of Strategy
At Truly Independent, we believe that strategy is the driving force behind a successful financial advisory business. A well-defined strategy helps advisers expand their client base, balance new business with renewals, and create a sustainable income stream for the future.
A strong strategy involves:
Client Acquisition: Developing a marketing plan to attract and retain clients.
Business Growth: Identifying opportunities to increase revenue while maintaining efficiency.
Time Management: Ensuring that advisers spend their time effectively on high-value activities.
Succession Planning: Preparing for long-term financial security and business continuity.
Without a clear strategy, advisers risk falling into a ‘service crunch’—spending too much time managing existing clients and not enough on business growth. By taking a proactive approach, you can ensure long-term success and financial stability.
The Adviser Growth Model: Are You Growing or Stalling?
Every financial adviser should take a step back and assess their current trajectory. Are you actively growing your business, increasing client engagement, and scaling your income? Or are you finding yourself bogged down with servicing existing clients, with little time left to acquire new ones?
A well-balanced strategy is the key to maintaining long-term success. It ensures that advisers can generate new business while continuing to provide value to existing clients. Without it, even the most successful advisers risk plateauing, losing income potential, and ultimately limiting their business growth.
In our experience, advisers typically fall into two categories:
The Growth Adviser – Continually expanding their client base, balancing new business with renewals, and increasing their revenue year after year. They have a marketing strategy, a time-efficient service model, and a focus on long-term growth.
The Service Adviser – Over time, advisers can become trapped in a ‘service crunch.’ They spend most of their time maintaining existing clients rather than acquiring new ones. This limits their business growth and, eventually, their income. Without an efficient strategy, servicing clients can become overwhelming, leading to stagnation.
We encourage advisers to ask themselves: Am I an adviser or a servicer? Am I building my business or simply maintaining it?
The Happy Graph: A Blueprint for Success
Our Happy Graph is a simple yet effective tool to help advisers visualise their business. It measures two critical elements:
- Marketing Effectiveness (X-axis) – How well are you bringing in new clients?
- Business Efficiency (Y-axis) – How effectively are you managing time to maximise your income?
Advisers who optimise both axes build a business that continues to grow without being overwhelmed by servicing responsibilities.
The Role of Technology & Consumer Duty
The financial advice industry is evolving. Consumer Duty regulations now demand justifiable service charges and clear client value. The future belongs to advisers who embrace technology-driven servicing models. Solutions like Vero allow advisers to provide ongoing value without the burden of time-intensive servicing. By adopting scalable solutions, advisers can free up time to grow their business while ensuring compliance.
Truly Independent offers a range of servicing options to help advisers tailor their business models while remaining compliant.
Discover the Truly Independent Difference
If you’re ready to move beyond a service-heavy business and start growing with purpose, book a Discovery Session today. Let’s talk about how we can help you create a truly rewarding financial advisory career.