Could non-reg financial planning have a place in your tool kit?
Other advisers seem to think so:
"Many independent chartered and certified financial planning firms, mine included, have been doing this for years. It’s a well-trodden path that achieves much better outcomes for clients and reduces conflict of interest." - Robin Medley.
"I think it’s perfectly feasible and one clear way is to have non FCA registered individuals performing the non regulated roles - ex chartered accountants with a private client background and private clients solicitors would be obvious examples of those who could shine at it. Those roles could also be a feasible way to a second career - particularly feasible as they could still generate fees and earn as they do it." - Dave Robinson.
"Yes absolutely, the planning (non regulated bit) is in my view, the most important element." - Nick Winter
FACING HURDLES IN PLANNING FOR THE FUTURE OF YOUR INDEPENDENT FINANCIAL FIRM?
You're not alone. The journey to maintain independence amidst increasing regulatory pressures and high operational costs is fraught with challenges.
Pain Points:
High Regulatory Costs: The financial burden of compliance is pushing many independent firms to their limits.
Lack of Support: There’s a significant gap in funding and support from the truely independent financial profession, making succession planning tough.
Risky Funding Options: Traditional financing routes often come with prohibitive costs, leaving few viable options for firm succession.
Gains:
Innovative Revenue Streams: A side hustle in financial planning can diversify revenue and reduce reliance on external funding.
Empowerment through Ownership: Offering staff the chance to be part of a financial planning venture can ensure firm continuity and foster talent.
Strategic Autonomy: Maintain your firm's integrity and independence by strengthening its financial and operational foundation.
Explore how a strategic side hustle could be the key to sustaining your firm's independence and success: Read More below.
Blog Link: https://bit.ly/3UNB3ud
Let's discuss how we can apply these strategies to keep our firms resilient and independent. What are your thoughts?
