We sat down with Tony Ross, Founder of Velocity Financial Planning. In this interview, Tony discusses his journey into the financial planning industry and his experience of being part of the Sense Network community of IFAs.
TELL ME ABOUT Velocity FP?
"Hi, my name is Tony Ross. I’m founder of Velocity Financial Planning based in Warwickshire.
We recently formed, in fact, we just turned 1 back in February. We specialise in what I would call full fact financial planning where we work with clients to help make sure the finances are in an optimal position, but I think more importantly than that, make sure that the finances are aligned to what the clients want to achieve in life.
We specialise working with clients going through a life transition. A life transition for me is something where you know, the finances are up in the air, things are changing in day-to-day lives and on a personal level and we think it's a great opportunity to really reflect and think about the life that you want and plan for that future.
The three main transitions that we work with are those approaching retirement, those undertaking what we call a ‘midlife check-in’, so getting to sort of 50 and coming up for air and just seeing what their finances look like and those going through a divorce."
WHY DID YOU JOIN SENSE NETWORK?
"So, why Sense? I think that's pretty easy for me to answer. I think there's two main reasons really. The first is, for me particularly starting a new business, there are pages and pages of things to do and outsourcing the compliance function and the initial setup process with the FCA, for me, that had Network written all over it.
I did not want to go down the directly authorised route. I mean, I'd heard some horror stories about how long applications had been taking and I just wanted safe pair of hands that kind of had that relationship with the FCA already and knew exactly what they needed to do.
In terms of the second reason, for me it was the fact that Sense wanted you to run your own business. In fact, there's only two requirements that Sense ask you to use. One being the use of the back-office system, which for me, Intelligent Office actually having used it for the first time is, I think, one of the best ones in the marketplace. The other is the risk profile and questionnaire, I mean, they're the only two requirements which as a business owner wanting to have freedom as to how I operate is music to my ears and makes it very easy."
What is it like working with sense?
"On a day-to-day basis I'm just running my business and meeting clients. The structure that Sense provide is just really something that I have in my business anyway, which is a nice, structured advice process which makes a submission nice and easy and makes sure that we don't miss a trick.
When we do have a query or a question, Sense is incredibly quick getting back to you. There's always somebody that you can pick up the phone to like my T&C Supervisor. I can always bounce the trickier cases and often get a feel for what needs to be done and what perhaps doesn't in terms of queries with the back office with IO.
Sense have dedicated support who always have time to run through cases, run through submissions and troubleshoot. You know, it's been incredibly easy to be honest."
WHAT ADVICE DO YOU HAVE FOR ANYONE INTERSTED IN JOINING THE NETWORK?
"In terms of advice that I'd have for any prospective members thinking about joining Sense… I'd say just do it!
I think it's been the part of setting up the business which has been incredibly easy. If I'm being honest, being able to lean on Sense and have that stability in the sort of compliance function side, which has allowed me just to carry on and grow the business, you know.
The reason why I set up the business wasn't to be dealing with compliance and I think that's been fantastic.
In terms of what advice I'd give to those in the early days or have made the decision to join Sense, I think if you're unfamiliar with the back office system, it's worth spending some time getting your head round Intelligent Office. It will just help when you're starting in the early days when you’re just starting to add all that new business and client reviews. It just makes that process incredibly smooth as opposed to ‘learn as you go’.
I think yeah get as much of that information as possible, early on."
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