How to create an additional income stream, retain clients and add real value

Given the overlap between many areas of tax and financial advice, a number of firms have seen the potential for Accountants to offer financial advice and provide clients with a more holistic, joined up and value-added approach to advice and, at the same time, resolve the challenges of retaining existing clients and finding a source of new clients. Some accountancy firms have gone a step further and have created their own in-house Financial Advice company rather than outsourcing the advice. This gives them much more control over the client experience and, also greatly increases client retention, as the client feels that all areas of their finances can be managed in one place under one brand, and they see this as a real added value service. The downside to this approach is the time, effort and cost required in order to gain authorisation from the FCA (Financial Conduct Authority) to trade as a financial advice company. There is then the ongoing compliance regulation that needs to be adhered to, and the time and cost involved with that. On top of all of that there is the challenge of finding a suitable Diploma qualified Adviser to be employed in the business and provide quality advice to your clients. An alternative to getting directly authorised by the FCA is to look at a franchise model where you still keep the advice process in-house but you have a team behind you (the franchise provider) to help you establish and run your financial advice business Glasgow based Money Advice & Planning (MAP) offer this type of franchise opportunity throughout the UK. The MAP proposition is unique in the Independent Financial Advice market and offers a genuine opportunity for motivated individuals to enter this industry and build their own IFA business. MAP services are focused on advice & planning for savings and investment products, pensions, protection products, mortgages and tax planning. The key service offered by MAP, which makes us stand out from the competition, is their bespoke, proactive and ongoing investment strategy which has been developed over several years. Financial Planning Investment advice & planning Protection advice & planning Savings advice & planning Mortgages & Equity Release advice Tax advice & planning Non-discretionary investment service Regular financial reviews The business proposition is quite simple really, MAP will provide you with everything you need to establish your IFA business and to generate opportunities almost from day one. It may sound simple, but the reality is that for an individual to go about setting up a sustainable IFA business on their own in today’s financial climate would be extremely difficult to say the least. As a MAP Franchisee you will be able to establish and grow your business, safe in the knowledge that you have a team behind you to support you in every area of your business. They provide you with a unique opportunity to start and run your own IFA business with all the initial and ongoing support you will ever need. They will give you the ability to spend your time speaking to clients while we take care of almost everything else. You will have the option to generate a very good income whilst maintaining a good work/life balance. We will give you the opportunity to build an asset of substantial value that you can sell at some stage in the future. Support on offer In order to set up and establish your business as quickly as possible, MAP will provide you with the following support: Business setup - Limited Liability Partnership (LLP) formation including registration with Companies House and HMRC, Business Plan formation and Marketing strategy formation Training - Fully supported training to achieve level 4 Diploma in Financial Planning (if not already qualified) Administrative support - Due to the nature of the business, there is a considerable amount of paperwork required to be carried out. Our franchise proposition takes away as much of the paperwork from you as possible, freeing you up to speak to clients. This saves you having to employ admin staff to assist with the running of your business. Marketing support - MAP will be able to provide you with ongoing marketing support for as long as you want; press and media, digital marketing, social media, lead generation, networking. Compliance support - MAP is directly authorised by the Financial Conduct Authority (FCA). We are also a member of an award winning compliance support company who have a help desk that can be used both by us and our franchisees. This ensures any compliance issues can be quickly clarified and work is carried out in line with FCA regulation. Product research - Every quarter they review fund performance and create a Recommended Funds List that you can use with your clients when advising on pensions, investments or savings. Technical support - MAP have specialist advisers available to assist you in more complex advice cases where additional qualifications are required to provide that advice. This could be in areas such as Inheritance Tax Planning, Pension Transfers or Equity Release. Cost of a MAP franchise The initial fee which will effectively provide you with a “business in a box” and allow you to hit the ground running from day one is £25,000. (This fee can be adapted on a modular basis subject to experience and relevant qualifications held) If you would like to discuss the franchising financial advice model further, please contact Money Advice & Planning Ltd on 0345 241 1808 or email: enquiries@mapfinances.co.uk.