In this episode of The ifa Show, FinClear director Tony Lynch discusses the ins and outs of setting up your own practice. From the business planning stages to finding a niche, this episode covers the fears and doubts that all new business owners must go through on the road to success.
Starting a financial services business can be a complicated and confusing process. Advisers need to make important decisions around licensing and platforms, and identify their target market in an industry facing significant challenges and disruption.
All of this and much more is revealed in this episode of The ifa Show.
Until there is clarity, transparency and more certainty, I would not recommend anyone start a financial planning business right now.
If you are already in advice there is some merit in starting on your own as the last person sacked is generally the owner. If you aren’t a financial adviser then you would have to have been dropped on your head to consider it as an option.
What??
If you understand anything about financial planning you’d advise yourself to go nowhere near it as an investment of your time, money, energy, reputation.
The risk/return profile of an IFA business makes it a strong ‘sell’ in any analysts eyes.
Clients won’t pay fees upfront – for you to spend hours filling in regulatory forms & reports about them. And then you’re on the hook for whatever risks/changes happen to them for the rest of their lives. Or whatever scrutiny regulators want to put you through.
Madness.
It’s not rewarding, it’s a daily living nightmare and you will the rue the day you ever had this thought bubble. Do yourself the biggest favour you will ever do yourself , take the idea of being and adviser and an IFA, burn it and bury it. You don’t deserve it whoever you are.
HAHAHAHA this is the funniest thing I’ve heard. Who the HELL would want to start a new business in this legal minefield today. Must have serious rocks in your head. Take a very good tip…STAY WELL AWAY FROM ADVICE