By Ahmed Bawa, CEO of Rosemount Financial Solutions (IFA)
One of the crucial elements in winning the trust of ARs is being approachable. We are all in this together, and the success of an individual broker – and their network overall – depends on being able to work together effectively.
It’s no good being distant, keeping those advisers at arm’s length and yet still expecting to pocket a portion of their revenues. Instead it’s about making sure that the AR feels part of something bigger, a key component rather than just another cog in the machine.
That’s why at Rosemount FS we ensure that brokers have access to the direct contact numbers for myself and other key members of the senior team, such as our head of compliance or our head of adviser services.
I want ARs of our network to know that should the need arise, they can get hold of the right person in management as soon as possible, and equally am confident that it won’t happen all that often. Experience has shown me that, in fact, given how infrequently I receive calls from our brokers about issues with Rosemount.
That level of accessibility isn’t always available in larger networks though, with ARs held off from being able to directly contact those at the top.
Are the people running those networks similarly confident in their processes, comfortable that their ARs are sufficiently well supported that it’s unlikely they would need to directly contact the principals?
The right fit
Different networks will take different approaches to bringing ARs on board. For some, it’s a numbers game – they want to have as many ARs as possible, to build the biggest network around.
Others, such as Rosemount, take a different path, instead focusing on delivering a more personal service to the ARs we have as part of our network. When we bring an AR in, it is as much about determining whether they are a good fit for us, as it is about proving ourselves to them.
We hold a range of events at Rosemount, bringing together different ARs so that they can share their experiences and best practices. It’s crucial to ensure that any new AR will fit in with that method of working, and who will mesh well with our established advisers.
A common frustration among the advisers we speak to is that the ‘romance’ with a network essentially finishes once they have you in the door. They are wooed initially, to get them to sign up, but that level of effort and attention disappears once they are on board. It doesn’t have to be like that though – networks like ours focus on delivering a true partnership throughout the relationship, not just in the beginning.
Our recent addition of Nurture Financial Solutions to our AR ranks is a real vindication of our approach. The broker is run by Joela Jenvey, the former Head of National Accounts at Landbay, and her experience meant she had a great idea of how different networks operate.
That she saw Rosemount as the right fit for her new business, out of all of the networks in the UK, is a great demonstration of how running a network in a more personal, supportive way is valued by ARs.
What is the right network for you?
There is no singular ‘right’ way to run a network; there are many different networks operating across financial services, and all will point to what makes them stand out.
The real challenge from brokers, whether they are already ARs or considering transitioning from being directly authorised, is to establish what they need from a network.
It’s only once you understand this that you can make the right decision over which network will be most effective for your business, and allow you to thrive in the future.
But I believe firmly that if you value having a close relationship with your network, and being treated as part of the family rather than just a number, then close lines of communication are essential.
If a network wants to offer that, and has faith in their proposition, they will have no issue with ARs having a direct line to the people in charge.
