Independent Financial Advisers (IFAs) play a crucial role in the financial services industry. They provide personalised financial advice to their clients, helping them achieve their financial goals and secure their financial futures.
However, running a successful independent practice in South Africa requires a lot of hard work, time, and effort. Joining a brokerage would be a way to alleviate some of this pressure, but some IFAs may feel reluctant to take that step out of concern that they would have to give up their independence. By choosing the right brokerage to partner with, you can avoid this conundrum.
Maintain your independence
Make sure the brokerage understands what independent financial advisers value, and can guarantee you independence, in addition to ease of business and practice management.
At GrowthHouse, we make an effort to create an environment where IFAs can operate independently. We’ve found that this gives financial advisers the freedom to run their own practice with the security of a larger company structure.
Enjoy freedom to choose
A brokerage that caters to IFAs should provide options, allowing the adviser to choose what works for their clients. GrowthHouse offers multiple contracts and various product options, giving advisers access to a range of providers and financial solutions.
This gives them the independence and freedom to choose which providers they would like to work with, so they can offer their clients more options and solutions. By meeting individual needs, IFAs can build trust with their clients, which is essential in financial advice.
At GrowthHouse we have multiple provider contracts and category licensing. This means that IFAs who partner with us have access to a strong chassis of support, making their work easier and more efficient.
Experience ease of business
Running a business in South Africa can be daunting, and there are many aspects to consider. Joining a brokerage takes away some of the hassle and costs associated with doing so. These include basics, such as email setup, office telephone number, desk, and digital business card. But IFAs can often also enjoy full administrative support with a strong back-office structure, making it easier to focus on clients, while someone else takes care of the admin.
Be sure that the brokerage you join provides the type of support your business needs. GrowthHouse also offers dedicated support from various providers, broker consultant introductions and support, set-up on all GrowthHouse tools, and a pricing advantage for programmes and tools through being part of a larger organisation.
Benefit from practice management
Running a successful practice requires more than just providing financial advice. IFAs need operational services to ensure they have an efficiently-run practice. This includes compliance and risk management, PI cover, a payroll system, a bespoke commission tracking system, state-of-the-art FNAs and CRM system and data analytics. There’s also learning and training to accrue CPD points and accreditations.
Being part of a brokerage that provides these services makes it easier for IFAs to manage their practice and service their clients. At GrowthHouse, we’ve found that our IFAs have a lot more headspace and time to do what they do best while we take care of the rest.
Making the decision to join a brokerage is a big step to take for an IFA, but if you choose wisely, you can be part of a great working culture where everyone on the team is empowered and encouraged to thrive, and where you can provide the best possible service to your clients.