"A growing number of larger firms and networks are taking this type of work away from their advisers/ARs; insisting that they refer on to packagers/distributors/so-called ‘specialists’"
Now, consider that very same adviser within some of the advice and network structures that exist in the UK today, where it’s quite obvious that the policies being followed by some of these organisations are either making the life of our adviser hell, or effectively deskilling him or her, or ensuring that they have no other option but to take their talents elsewhere. In many cases, they’re actually doing all of the above. Doesn’t sound much fun, does it?
From our perspective, what makes this job interesting is the fact that we get to see (and help) different clients with very different wants and needs. We (and our AR firms/advisers) get to work on all these cases, whether they are dealing with specialist buy-to-let landlords or later life cases, whether they are helping property developers with bridging finance, or helping remortgage clients to consolidate debt.
That’s within the skill-set, it’s often very interesting work, it can be high-value business and, quite frankly, if you’re an adviser and you’re not getting to carry out such activities, then why would be an adviser at all? Indeed, why would you expect clients to come to you if you’re unable to provide advice in their area of need?
However, a growing number of larger firms and networks are taking this type of work away from their advisers/ARs; insisting that they refer on to packagers/distributors/so-called ‘specialists’ because they are concerned about (what they see) as the higher liability that comes with such cases. It effectively leaves their advisers with vanilla, residential work and not much else; even – as mentioned above – a remortgage where the client wants to use some of the equity released for debt consolidation purposes is off limits, because debt consolidation is seen as a ‘risk’ that isn’t worth taking.
Where does that leave the advisers concerned? Effectively up a very boring creek without a particular implement.
We recently completed a limited company portfolio landlord case, remortgaging seven properties, and resulting in a significant commission of £6k. Think of how many average, residential remortgages you would have to complete to accrue this sort of procuration fee, and then wonder why a growing number of advisers within these networks/firms are getting incredibly disgruntled at their situation. We’ve recently brought on board two advisers from a large, national advisory firm who cited these very criticisms as a reason to jump ship – and who can possibly blame them?
You might have seen the recent documentary about INXS singer, Michael Hutchence. Clearly an incredibly talented, but ultimately troubled, individual whose death back in 1997 was officially deemed suicide but those close to him – namely Paula Yates – suggested was actually a result of autoerotic asphyxiation. A quest for short-term pleasure through being starved of oxygen but with the potential for serious long-term damage.
It’s hard not to think that the networks and advisory firms involved in stopping advisers from working on the most complex/interesting/rewarding cases are not somehow indulging in their own advice version of autoerotic asphyxiation. Cutting off the ‘oxygen’ of their advisers, under the pretence that it’s for their own good, but ultimately pushing them down a potentially calamitous route.
Does this sound like the type of business you’d want to be working for? Where advisers are treated like order-takers and not much else? It will seem utterly mystifying to those advisers who get to work on every single type of case that could be presented to them, and are allowed to do this, trusted to do this, appreciated and rewarded for doing the best job they can possibly do, that anyone would want to continue in such a vein.
Perhaps if you know no better and you’re unaware that there is a different world out there – one that recognises your skills and experience and wants you to use them – then you’ll put up with it. But you really don’t need to.
