Cutting edge, rDR-Ready, right now!

Over the years, we've been asked to help existing IFA practices trouble-shoot with the aim of improving profitability, systems, service delivery and compliance.  To be fair, experiences have been mixed.  Sometimes, all that's been required has been a bit of fine-tuning.  On a number of occasions, the only viable solution was to scrap the whole existing business framework and start again.

Inevitably, the preparedness of existing businesses to engage with a 'full makeover' is going to be somewhat limited, even when (secretly) there is an acceptance that major change is necessary.  Change might be needed, but it's always going to be painful.

For new startups, however, it is easier to see the wood for the trees.  There is no legacy business to be considered, with all its expensive client-service and commission/fee implications.  There are no real dilemmas raised by migrating to a new charging structure - because it is what it is - and it's all new.  The issues in relation to upskilling (QCF Level 4 etc) are less significant - as new entrants will be qualifying under the newest regimes, which anticipate the RDR.

So what should a 'cutting edge', RDR-ready financial-planning or wealth-management business look like?  In part, the look and feel of your proposition will depend upon your own aspirations and the types of clients that you will be looking after.  Our view is that a very great deal of the current hype (particularly that being promoted by 'transition consultants') misses the mark by a very wide margin.  Financial planning, as a business discipline and service offering, loses its integrity when it does not deliver for 'normal people' in normal jobs with normal incomes.

At ValidPath, we have the ideal cost-effective infrastructure to support financial-planners who want to work 3-4 days a week, 44 weeks a year, looking after around 150 clients, and earning £90k+ annually.  It's not rocket-science - all it needs is a decent business plan, plenty of commitment, and a supportive network which understands the proposition.  And in that latter respect, you couldn't find a better home than ValidPath.

Please contact us if you would like a copy of the ValidPath One-Page Business Plan.

Download our brand-new leaflet, 'A Decent Proposition' by clicking here.