Becoming a self-employed financial adviser: what to expect in your first year
If you decide to make the jump to become a self-employed financial adviser, there’s no doubt about it: your first year will be tough. To be a successful self-employed financial adviser, you need to really take charge of your professional life and be eager to work hard to advance your career and reach your personal goals. Your first year in business will most likely be one of the most thrilling – and one of the most demanding – times of your life. But with hard work and the right support, there are endless opportunities, too. Read on to find out a bit more about what to expect in your first year as a self-employed financial adviser…
- Your time will be even more precious
From winning new clients and promoting your business to taking care of compliance and regulations, when you start out on your own, there are lots of things to think about. You’ll probably feel pulled in several different directions: you’ve got to find your space, set up a website, build up your brand, and more. And you’ve got to do all of this whilst continuing to grow your business – and probably while taking exams, too. Because you’re doing it all yourself, it’s important to learn how to streamline efficiencies and understand what you can and can’t do early on. Focusing on the client-facing aspect of running a financial advice business is paramount to building your profile and income, so it’s imperative that you learn to manage your time effectively.
- It might be hard to stay motivated
When you first branch out on your own, you’ll be so excited to get going that motivation won’t be an issue at all. However, somewhere down the line in your first year, you’ll probably start worrying. Where is your next client coming from? How are you going to generate enough income? If you don’t meet the goals you set for yourself at the beginning as quickly as you anticipated, your confidence might start to wane. For self-employed financial advisers, the pressures of running a business and managing clients among other aspects of owning a company can result in higher levels of stress and anxiety – and the knock-on effect on your well-being means you might find it hard to stay motivated. If you struggle with motivation in your first year, remember to keep your business plan and strategy in mind. And, above all, keep going – all these concerns and worries are normal!
- You might feel lonely
We all know the saying “it’s lonely at the top” – and when it comes to running your own financial advice company, this is true. When you become a self-employed financial adviser, without a doubt one of the biggest benefits is the flexibility in your working life. You have no one to answer to but yourself: your schedule is entirely up to you, you can choose when you want to work and when you want to take time off. Want to work from home? It’s your choice! Need to leave early to get to a school concert? Your prerogative! When you’re self-employed, you can do whatever works best for you. But self-employment can sometimes be a lonely place, so it’s important to make sure you are mentally prepared and know what’s ahead.
- A good marketing strategy is essential
Your brand has a huge impact on the success of your financial advice firm. It’s essential when it comes to winning new business, increasing awareness and building trust. After all, a good brand instils confidence in people – and with so much financial advice business coming from word of mouth, your clients need to feel as if your brand is respected and dependable. But a solid branding and marketing strategy takes time. In the beginning, it’s all about building a solid foundation, and you won’t necessarily see results right away. You need a clear marketing strategy with well-defined goals. This should include regular blog posts so you can create and share helpful content with your potential clients, and a clear SEO strategy. Facebook and Google Ads will also be helpful, too. You’ll probably start to see organic results after six months or so, and you’ll then need to nurture these leads to keep them engaged. If you stick to a clear strategy, by the end of your first year, you should have a steady number of leads coming in!
- Training and development will be important too
Continual self-improvement and reflection go a long way in this industry and can help you to progress through the ranks and fulfil your potential. In fact, during your first year of business as a self-employed financial adviser, training and development will be more important than ever before as you get to grips with the challenges involved in running your own business. However, it can be difficult for self-employed advisers to get access to training and development schemes. During your first year of business, make sure you stay ahead of the game and keep up to date with the latest news and events in the financial industry: do some research and see what training is available in your sector, sign up to newsletters and industry bodies, keep up to date with regulations and go to events so you can make sure you’re not missing out. It’s important to be proactive when you are responsible for your own training and development.
- You’ll have to keep up with compliance and regulations
When you become a self-employed financial adviser, you’ll also need to make sure you keep up with compliance and regulations. Compliance can often seem like a moving target – especially in the financial industry where new rules and regulations are being introduced all the time. But it’s essential that you keep up to date with what’s going on and ensure your business is compliant – after all, it’s your neck on the line otherwise. Sign up to newsletters, go to seminars and events – by making sure you keep up to date with the latest compliance news and signing up for necessary training courses, you can ensure your firm is compliant.
- But you don’t have to go it alone
When you start out as a self-employed adviser, there are two options available: you can either go it alone, or join a wider network such as Foster Denovo, where you will have internal support. . As a multi-award winning firm of financial advisers, Foster Denovo partners with self-employed financial advisers to deliver top quality advice to clients across the country. With over 80 Partners and 200 employees, they’re small enough to be flexible yet big enough to make a real impact on the industry. Joining Foster Denovo as a Partner allows self-employed financial advisers to have the best of both worlds: the option to work within an office-based team environment with access to top training programmes, whilst still having the autonomy to manage their own business and client bank individually.
The benefits of joining Foster Denovo
Joining with a partner firm such as Foster Denovo can take the pressure out of becoming self-employed. They’ll provide all the guidance you need to get to where you want to be, but you’ll still have the autonomy to work on your own terms. As a Foster Denovo Partner, you will be part of a larger team, which means you can choose to run your business from an office environment with a vibrant culture that you can dip in and out of as you please.
This supportive structure means there is the chance to talk to others, reduce pressure and stay motivated, and you’ll also have the support of paraplanners and administrators so you can dedicate your time to building your client list and generating business. There’s also marketing and IT support to help make sure you get your brand out there, and they will take the headache out of compliance, too – in fact, you can simply hand it over to them. Finally, you’ll also have access to their training and development programme, Quantum Leap, which is one of the best in the industry.
Want to find out more?
When you start working with Foster Denovo, you’ll get…
- the opportunity to partake in industry-leading training, including their adviser development programme, ‘Quantum Leap’ coaching and upskilling;
- quick turnaround from compliance and guidance;
- private client services and access to client relationship managers;
- enhanced pay away rate for your first year, clear exit plans and partner protection and smoothing options to help with financials.
If you’d like to find out more about how you can become a partner with Foster Denovo, click the link https://recruitukltd.co.uk/become-a-foster-denovo-partner/