Where do you do your weekly food shop? Stay with us here…
Do you go for the large supermarket, which is convenient, well-stocked and offers economies of scale? Or do you prefer the boutique deli which his more personal, perhaps with a few specialist items but limited in range and often at a premium?
Thankfully, unlike grocery shopping, a modern advice network gives you the best of both worlds: breadth of support, efficiency and competitive pricing, combined with a tailored support approach.
What does the right network feel like?
The first thing to look for is compliance support. Let’s face it, compliance is non-negotiable and it’s one of the biggest challenges advisers face today. The right network doesn’t just give you a compliance manual and send you on your way, they actively help you to navigate the ever-changing regulatory landscape and are available at the drop of a hat, or at the newest bombshell. They should offer tailored advice, easy-to-use tools and hands-on support to make sure that you stay on top of your obligations. Bonus points if they provide regular training and updates to keep you ahead of the curve.
Look for a network that offers tools to make your life easier, not a network that is blindly jumping on the next fad. You need a network that undertakes thorough due diligence and offers long-term, risk-free efficiencies; from client management systems and compliance software to slick digital platforms that enhance the client experience. The best networks don’t just hand you a shiny new system and wish you luck, they provide training and ongoing support to make sure that you’re getting the most out of it.
Support for business growth is another must-have. Whether you’re looking to expand your client base, improve efficiency or develop new services, a great network will have your back. That means access to marketing resources, business development training and opportunities to collaborate with other advisers. They should be as invested in your success as you are, offering ideas and strategies to help you to reach your goals.
Culture is a big one too and it’s often overlooked. The right network should feel like a good fit for your firm, not just in terms of what they offer but in how they operate. Are they collaborative and supportive? Do they value your independence and encourage innovation? Will they have the difficult conversation with you in order to safeguard your firm? A network with the right culture creates a sense of community where you can share ideas, learn from others and feel part of something bigger.
Don’t forget to check out the network’s track record. How long have they been around? Do they have a solid reputation in the industry? Are there testimonials or case studies from other firms that highlight their strengths? A network with a proven track record is a network you can trust to deliver on their promises.
Access to exclusive products and services is another bonus. Some networks have partnerships with providers that allow you to offer clients options they can’t get elsewhere. Whether it’s bespoke investment portfolios or unique insurance products, these exclusives can give your firm a competitive edge.
Make sure that the network offers training and development opportunities, not just for you but for your whole team. A commitment to professional growth shows that the network cares about your long-term success. Look for options like leadership development programmes, mentoring schemes and training on emerging trends like ESG investments or digital client engagement.
Finally, think about the practicalities. What’s the onboarding process like? How long will it take to transition to the network and what kind of support will you get during that time? A smooth onboarding experience sets the tone for your relationship with the network and ensures you can hit the ground running.
Choosing a network is a big decision but with the right checklist, it doesn’t have to be overwhelming. By focusing on compliance support, technology, culture, flexibility and growth opportunities, you can find a network that’s not just a good fit for your business, it’s the perfect partner for your success. Happy shopping!
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