Networks - plea for help

We are starting to have some initial conversations on the possibility of moving networks.

We are currently with one of the big boys but feel their proposition may no be best suited to the direction we wish to go as a firm, which is with a focus on holistic financial planning.

To give us the freedom and agility we desire as a firm I wanted to start talking to, perhaps, smaller networks who promote a more collaborative approach and provide the support and freedom to design and deliver a proposition we feel is best for our clients.

I would therefore be very appreciative if any forum members out there would like to share (either via DM or on this thread) their experiences (good, bad, indifferent) about the network firms they work with, particularly the smaller or newer entrants.

Thanks all in advance.

Comments

  • Have you considered becoming directly authorised?

  • JonaJona Member

    Hi @arongunningham yes considered DA as well but the "safety net" of a network is preferred at this stage.

  • Being DA frees you from the restrictions a network will place on you. The firm I work for are DA but they use SimplyBiz for their compliance needs

  • I'd suggest that you ask around on the NextGen Planners members Slack group. There are definitely people who are going through this decision making process. It is a members group so you would need to sign up (can't remember the cost, but I get a lot out of the discussions on Slack) https://www.nextgenplanners.co.uk/content/Default.aspx

    Chartered Financial Planner FPFS APP Chartered MCSI
    Head of Technical at EQ Investors

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  • JonaJona Member

    Just bumping this one.

    If there is anyone out there who is part of True Potential or Flying Colours that would be willing to have a brief but candid chat about the good, the bad and the ugly please could you drop me a DM?

    Much appreciated.

  • The firm I work for have moved to TP. Purely from a user's perspective I'm not that keen tbh. There is a lot of information that cannot be stored on the system (eg pension CFV and TV - you can only have one or the other, and you can't make it clear which is which, which then necessitates looking through documents). The maximum document upload size is 4mb, so you sometimes have to split documents to make them fit (I understand there is a backdoor workaround to this to bypass the file size limit).

    The directors seem to like it - the SL is written during the client journey, there is no platform research as it will go on the TP (white labelled) platform, and if they are a certain ATR then the fund is selected.

    No need for a paraplanner, as I have found out!!!

  • From what perspective are you looking at this? As an Owner, advisor or paraplanner or combination?

  • JonaJona Member

    @Northface Combo.

    Lock stock move from one network to another.

  • sm2000psm2000p Member

    @Jona said:
    Just bumping this one.

    If there is anyone out there who is part of True Potential or Flying Colours that would be willing to have a brief but candid chat about the good, the bad and the ugly please could you drop me a DM?

    Much appreciated.

    I have direct experience of Flying Colours if you want to DM me

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