You may consider selling some of your assets to streamline your business and focus on growth.
The MiFID II directive requires business owners to provide an annual suitability assessment, while Consumer Duty focuses more firmly on client communications, service, price and value. As a result, some business owners may consider transferring some of their assets or client relationships that are not aligned with their service propositions, meaning they cannot profitably provide them with the right level of value.
Quite often advice firms are small businesses with limited resources. With a focus on the cost to deliver your advice and add optimal value to your clients, you may decide to disengage with some and find a business that can look after them appropriately.
There are a growing number of entrants to the market with a focus on those clients who need advice and guidance, but are perhaps not profitable for many financial planning businesses. They have systems and streamlined processes, and rely heavily on technology to deliver this advice.
This could give you the right outcome for certain clients, some remuneration, and the ability to streamline your business and focus on growth aligned with your broader plans.
Victoria Hicks and Brian Hill have been in your shoes. Over the past few years, they’ve both successfully exited their advice businesses. Now, their mission is to help advisers, planners and wealth managers do the same by providing help, insight and support that sellers haven’t previously had access to. At the same time, the pair want to enhance the profession they care greatly about and which provides such value and education to clients.
Main Office: Suite 9 West Wing Jason House, Kerry Hill, Horsforth, Leeds, LS18 4JR
Registered Office: Marland House, 13 Huddersfield Road, Barnsley, South Yorkshire, S70 2LW.
The Exit Partnership Limited. Registered in England and Wales 11161713. VAT Registration Number: 287 109 482.
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