The trials and tribulations of a financial planner: You feel like you’re walking alone. Compliance and admin are constantly eating into your time and encroaching on your lifestyle. PI insurance is skyrocketing, ASIC is putting on huge pressure and all you really want is to see clients and do business!
Like you, I’m an FP and have been since 1992. I'm also a CA, CFP and have run MASU Group, a multi-disciplinary practice for 25 years and authored a book, "Will You Make It?"
You don’t have to do everything on your own. In fact, there’s a lot that can go wrong if you do. It’s not easy to do business and woo clients when you have your hands full with admin and other things like compliance and CPD points. Also, all this increased regulation and compliance doesn’t come cheap. In fact, you’re probably being bled dry by high fees if you’re using a bigger dealer group.
Who is vetting your plans?
Even if you’re completely on top of your paperwork and feel certain you are fully compliant, this has come at a cost. As a sole trader, it’s probably at the cost of your valuable time, time that should’ve been spent earning an income.
You need someone to check that your plans are above board and that you haven’t missed something along the way. You need someone to have your back with back-office and technical advice, someone backed by years of experience.
A bigger dealer group model isn’t as viable an option for you as it would be for the larger financial firms. You need something more customised and economical.
You don’t need to walk alone
It’s easy to drop a ball if you’re doing all the juggling by yourself. But the bigger dealer groups pass on hefty costs to you because they have so many advisors under them ensuring compliance as well as the cost of PI insurance. You shouldn’t have to pay for these additional costs.
Smaller groups don’t have those kinds of overheads and can afford to be, well… more affordable. Why walk alone when you can run with the wind at your back?
You need a “Big Brother” keeping an eye on things, sorting out all the admin and paperwork and ensuring you don’t get bogged down with tiny tasks or land in any trouble because you missed something.
SOA's Shouldn't Take Weeks!
With the bigger dealer groups, you’re one of many clients, so your SOA’s can take weeks to complete. Smaller groups are more flexible and can often get them back to you within three or four days. Well, I know that we can. Vetted and checked too.
First Mortgage Lending is Your Silver Bullet
Offering a first mortgage loan is a value proposition that helps you close deals.
A smaller dealer group can help you to provide a first mortgage loan offering to your clients at a rate that a bigger dealer group won’t be able to accommodate.
Only being able to offer a ‘vanilla option’ will mean you have no advantage over your competition.
Freedom of your own business
There are many benefits to being a sole trader. Autonomy, independence and not having to answer to anyone. Plus, achieving your goals is more likely if you have fewer doubts and concerns hindering you.
You need to be free to focus on what counts. Getting a smaller dealer group to help you do all the menial and regulatory admin is the best thing you can do to free yourself up.
To access that freedom, get in touch.
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