Non-regulated private client work

Hi guys!

I was wondering if any paraplanners offer non-regulated services direct to private clients (i.e. guidance)? Obviously we cannot offer regulated advice but is it possible to charge for services like cashflow modelling in particular? Does anyone here have any experience of this?

Thank you!

Comments

  • Anyone?

    I'm starting to think there is a gap in the market for high-level guidance cashflow work?...

    Would be a hell of a lot cheaper than doing it via an adviser?...

  • Not too sure on this one, wouldn't you need to provide the client with all of the available options and let them make their own decision?

    I assume that once you start narrowing things down (e.g. Here's are a list of suitable providers from the whole of market which have the best financial strength) you're technically giving advice?

    In terms of cashflow planning - I'm really not sure. It would be silly though just to rely on the outputs from cashflow modelling as the core basis of someones financial plan - that's really where an adviser adds their worth.

    Maybe check with your compliance team on this one.

  • richallumrichallum Administrator

    So many potential issues with this. PI, risk, conflict with advisers etc. There are non-reg financial coaches out there doing this but it's their main business and focus. Have a look at https://financial-coaching.co.uk/

    I wouldn't go near it.

    Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern. Republican.

  • See also The Money Panel. And Catherine did a great podcast episode with the FP Training Academy where she talked a lot about the differences between her regulated and non-regulated businesses.

    I also wouldn't go near it. It's far easier to earn money helping regulated advisers do things they don't like/aren't good at.

    Benjamin Fabi FPFS
    Chartered Financial Planner

    http://twitter.com/benjaminfabi 
  • Interesting points thank you all, I really appreciate your thoughts. I'll look into those resources.

    I had an idea of running some financial coaching alongside my main outsourced paraplanning work. Absolutely though I will have to tread carefully and make sure not to fall into accidental advice.

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