Looking for a Network
If you're looking for a network for the first time or changing from your current network, either as a sole trader or multi-adviser operation, a good place to start is to know and document your true business drivers along with your short, medium and long-term business goals.
Being a member Appointed Representative (AR) of a Network has huge benefits and offers you a safe and protected environment in which you can trade, grow, and enjoy the success of your efforts without being bogged down by the costs and stress of the regulators and legislation. Here at Advice Solutions, we make things AS simple AS possible.
?
Consider the following:
- What do I want from the network?
- What do I definitely NOT want?
- How will they help me achieve my business goals?
- What do they offer that benefits my business?
- What features of the proposition benefit my business the most?
The answers to these questions will help you prioritise your requirements and give a clear view of what you want. We at Advice Solutions will assist with the answers to these (and other questions), then present our proposition and how we believe we can help.
To get you thinking about which network features are important to you, you may wish to consider the following:
- Compliance regime
- Support
- Business development
- Technical help desk
- Technology
- Research tools
- Marketing support
- Charging structure
- Product provider panels
- Service standards
- How they treat their members
- Exit charges
A network is a great place for an advisory business, providing it is servicing the needs of its AR firms. Networks offer protection and guidance in regulatory matters, bear many of the financial strains, and offer a solid buffer between you and the regulator. They use economies of scale to negotiate better rates or exclusive services and products. The relationship between you and a network often grows to be a real partnership and underpins your business. It is important that there is a really good fit; there has to be mutual respect, and both must value each other, with the Advice and compliance process fully understood and complied with.
We at Advice Solutions never forget it is YOUR business we are there to support and guide.
A big reason that many ARs leave their current network is poor service standards. Frequently, many state that they don't feel valued anymore or that they are just a number. Enforced change is another reason, being dragged along with whatever directional decisions benefit the network, not necessarily for the benefit of its member AR firms.
It is true that networks do have to make changes in line with regulatory policy statements and to protect the longevity of the network for all. However, some changes may appear to be destructive or result in commercial and productivity disruption. Advice Solutions will always be transparent about any required changes, explain and explore the why and how, working with you to respect the required changes, but making it AS easy AS possible, with the minimum commercial disruption possible.
As an AR, you will want a network that values its member AR firms and has a structure that is fit for purpose, a fair charging structure, can service the needs of their members, and has longevity with good financial management. We believe we are that Network.
FAQs
What should I document before looking for a new network?
Document your true business drivers along with your short, medium, and long-term business goals to ensure the network aligns with your business needs.
What are the benefits of being a member Appointed Representative (AR) of a network?
Being a member AR provides a safe and protected environment to trade, grow, and succeed without the burden of regulatory costs and stress.
How can I determine what I want from a network?
Consider questions like what you want from the network, what you don't want, how they help achieve your goals, and what features benefit your business most.
What network features should I consider important?
Important network features include compliance regime, support, business development, technical help desk, technology, research tools, marketing support, charging structure, product provider panels, service standards, and exit charges.
Why do many ARs leave their current network?
Many ARs leave due to poor service standards, feeling undervalued, or enforced changes that benefit the network rather than the member firms.
How does Advice Solutions handle required regulatory changes?
Advice Solutions is transparent about required changes, explains the reasons behind them, and works with you to implement changes with minimal commercial disruption.
What should I look for in a network to ensure it values its members?
Look for a network with a suitable structure, fair charging, the ability to meet member needs, financial stability, and a genuine interest in its members' success.
How can I contact Advice Solutions for support in finding a network?
You can contact Advice Solutions by calling 07785 954074 or emailing kbl@advicesolutions.co.uk for expert guidance and support.
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Email us via kbl@advicesolutions.co.uk.
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