With the right technology stack, self-licensing is easier than it seems

While self-licensing can bring freedom from external obligations, the complexity that comes along with it often means that going with a licensee is the best choice.  

However, along with this is the fact that technology, particularly artificial intelligence, is helping change the industry as a pace that has never been seen before, and according to two advisers presents an opportunity to greatly simplify the self-licensing process.  

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Speaking with ifa, ASO Wealth founders and financial advisers Julien Renard and Nazar Pochynok explained how when trying to set up their own firm, they often felt limited by large licensees. 

“We kept asking ourselves, ‘why are we being limited?’ We’ve got our values, we’ve got over 10 years of experience, and we have a clear view on what the future of advice should look like,” Pochynok explained.  

“We didn’t want to be held back by someone sitting above us saying, ‘that’s not how we do things’, just because they need to keep hundreds of other advisers in line.” 

Renard added: “We spoke to a number of licensees and, naturally, they all said, ‘you’d better come on board because doing it yourself is a lot to manage.’ There was a lot of emphasis on the risk and the workload. 

“But when we actually sat down and went through what was required with the right support, we looked at each other and thought, ‘this doesn’t seem that hard – let’s just do it.’” 

A large enabler of this, the two advisers found, was through using a well-integrated, flexible technology stack.  

“From day one, we made sure we had a strong, compliance-driven process built into our technology. That meant we were ticking all the regulatory boxes without adding layers of manual work, which is where a lot of advisers feel the burden,” said Renard.  

The two quickly found that being self-licensed meant they were able to evolve and adapt their technology stack as needed, leaning only on Intelliflo technology as the only constant.  

“What we discovered was a completely different world. You’re not locked into a single way of doing things – you can be 100 per cent flexible with your tech stack and build your processes around what you’re trying to achieve for clients, rather than forcing your clients into a predefined system,” said Pochynok.  

This has also allowed efficiency to grow within the practice, according to the adviser, particularly in the onboarding process.  

“The biggest shift for us has been the onboarding stage. That’s where we’ve seen the most efficiency gains. By the time we sit down with a client, all the core information is already there, so the conversation is immediately more valuable,” Renard explained.  

Pochynok added: “Traditionally, you might take two to four weeks to turn around advice, and often that’s because you’re still collecting data in those early meetings. For us, clients input their data upfront through secure tools, so by the time we meet them properly, we’re already talking strategy. 

“We can go from an initial conversation to a strategy meeting within a week, and deliver advice within two weeks. That’s only possible because the process is structured and supported by technology – otherwise you’re just stuck in admin.” 

From this, Renard highlighted that insights can be offered to clients from the first meeting, offering a more dynamic client relationship.  

“Instead of spending time collecting basic information, you’re delivering insights from the first real meeting, which makes the whole process feel faster and more engaging.” 

Pochynok also highlighted how their relationship with the much-dreaded ASIC has been co-operative, allowing them to solve compliance issues as they arise.  

“There’s this perception in the industry that ASIC is this ‘deadly monster’ that you should avoid at all costs, and that your licensee is there to protect you. What we’ve found is the opposite – being self-licensed, we can go directly to the regulator, ask questions, and get clarity,” he said. 

Ultimately, the pair see the spread of new technologies through the profession as a sign that more will turn to the self-licensing, with that tech making it much easier to build and run a model that suits your practice without the traditional overheads.  

Pochynok concluded: “What we’ve built is very custom to us, but the reality is it’s highly replicable. If you have the right mindset and you’re clear on your process, there’s nothing stopping other advisers from doing the same thing.”