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Starting out on your own?

Taking the step to self-employment or starting your own business? Get the right advice!

So you want to go it alone?

Taking that step to start a business or become self-employed as an adviser often feels like the next natural career step to many employed as a financial services advisory professional, however it isn't for everyone. It may feel very exciting and financially attractive, however, it also feels daunting and poses many questions, sometimes doubts. Which is why you should do your home work, make sure it is right for you and chose the right home should you actually take the plunge. 

As the saying goes. "look before you leap, but if you really mean leaping, don't look long". 

This is very true, yes you must do your home work, be fully aware of the costs, requirements and implications of taking that next step, but if you have conviction in your abilities and a real desire to go self-employed and be your own boss, then prepare and go! 

When considering going self-employed as mortgage adviser or wealth adviser, two things you should really understand before anything else;

Why you want to go self-employed 

What do you want to achieve - what is your goal

Answers to these questions will firstly determine which direction to take but perhaps more importantly, be your drivers and motivation to succeed. 

If you feel ready to run your own business and want your name above the door, on top of running a business for the first time, you will need to fully understand the responsibilities and what is required by the regulator. If this is what you really want, have the requisite experience and feel you have the right attributes, then it would be logical to become an Appointed Representative and you should read our page on choosing a network. 

If however you just want to concentrate on being an adviser but dancing to your own tune, perhaps considering running a business at a later stage, then being a self-employed Registered Individual (RI) will be for you. This route is most direct and quickest way to step from employed to self-employed. Dependent on the proposition, you will get support, guidance, compliance support and regular CPD events and material. However, you should have the freedom to work whenever and wherever you wish, at a pace that suits you and your lifestyle or other life commitments. 

When embarking upon any self-employment or business, it is wise to get a business plan together, you will need one as part of your application process regardless. 

If you are looking for an opportunity that allows you to be a self-employed adviser, then all you need to do is complete our enquiry form by clicking the link below. We will then contact you to understand your requirements and fill in any background gaps, we will then be able to direct you to the most appropriate opportunity. There is no commitment when completing the enquiry form, it is just the first step in finding the right place for your future as an adviser.


Some features you may wish to consider before making a move - what do you need?

​Network Consulting can help you decide what is important to you and find the best home. 

  • Training and development
  • Compliance and regulatory support
  • Mentoring 
  • Marketing and branding assistance
  • Limited panel or whole of market
  • Technology 
  • Client Management Systems
  • Research tools
  • Administration back up
  • Ancillary products and services
  • Exit terms
  • Costs and charges
  • Business development 
  • Continued Professional Development
  • Leads
  • Breadth of product types

Limited provider panel (restricted) or whole of market?

Although most advisers wish to have more choice, having a limited panel can often be less daunting for a newly self-employed adviser, especially if they have just come from a banking background and only used to one provider. 

It is completely down to the individual but well worth discussing this with someone so you can make your own informed decision after considering all the pro's and cons. 

Exit terms

It may seem odd thinking about leaving before you have started, however, what is good for you in the beginning may not be a fit for you when you have grown. Think about your long term goals as it will help you make the right decision in the first place. However, in the early part of your journey, choices may not be as abundant as those when you are experienced, which may mean a change at some point, you don't want a sting later or what can be known as "golden handcuffs", so check the detail on what happens if you should leave.   

Technology and research tools 

Do you have a preference? Is it easy to use? Technology is there to make your job easier and more time efficient while satisfy your regulatory duties, equally it is there to enhance the client journey not hinder. Get a demo of the systems before committing to your new home to see if you are comfortable it.  

Costs and charges

This will always be important, particularly in the early years as you build your business. Be sure you understand the charges and what they are applied to. Some structures are complex and can catch you out if you are drawn to the headline figures. Also, what may seem more cost effective and better value may well not be if commission rates are reduced to a "net" figure. 

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