27 April 2020
What will happen to the clients you have worked with for many years. Are worried about your clients becoming just a number or worse someone else’s asset, this is the most common conversation we have with advisers wanting to exit their business. There may be an alternative you have never considered.
At the moment in these very strange times where we have the time and space to think a lot and ask ourselves some pretty interesting questions, the big ones too like what really is important in life, how much time did I actually spend in the car, can I fade the background on my zoom calls? Many people are questioning their jobs uttering the words ‘I need a change’ more often than usual.
And with the consolidators circling waiting to pounce for that moment of weakness when you utter the words ‘Sod it, I can’t do this anymore’. Stop take a deep breath, or several, and think really hard about what you have built up, what about your loyal clients ending up as a tiny number within a massive pool and why the figure a consolidator quotes never really materialises and think about an alternative.
The Alternative approach
Do you fancy leaving your business name as a legacy of the practice that you built up for future generations to reflect on. You have a rich history of the life journeys of all of the clients you have looked after and possibly a couple of generations below them too.
The alternative is to bring on one of our next generation planners, you could train them, work with them in the handover of your clients to ensure that you are comfortable that your clients will be well looked after. The next generation planners often focus on financial planning and lifestyle financial planning using technology that appeals to many wanting an alternative to traditional IFA styles.
Ideally the person would be level 4 as this would be required for the regulated advice, but they could be on the road to completing their diploma and complete this with you.
The T&C requirements would need to follow your scheme and the activities signed off by yourself.
We have had these conversations with many advisers who want to pass their clients on to someone who cares as much about them as they do. And we can work with you in the hunt to find someone suitable and if needed support with the T&C supervision requirements.
So, if you want to explore this option feel free to contact us to discuss further.