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Age Of Independence

ARTICLE BY

  • Lize Visser
  • Chief Growth Officer
  • GrowthHouse

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As client behaviour and expectations change and clients seek out more personalised advice, the need for true independence is on the rise, ushering in a new era in financial advice.

A rapidly shifting financial landscape is placing more demands on financial advisers. An increased compliance burden, ongoing regulatory changes, increased requirements in terms of technology and data security, not to mention the difficulty in obtaining capital to grow their practices – all contributing factors forcing many financial advisers to re-evaluate the sustainability of their independent practices. In addition to running their practices, advisers also have to stay in touch with the ever-changing needs of their clients, which can be challenging in this modern era.

Over recent years there has been a shift in client behaviour – clients require quality over quantity, a slower pace to enjoy life, enough time to make decisions regarding their finances, a wider range of options, including some alternatives not considered before, and enough information about their financial affairs, available at their fingertips.

Clients also seek a more meaningful, deeper and trusted relationship with their adviser – they expect more transparency, personalised and unbiased advice suited to their unique financial goals, long-term commitment, in addition to simplicity and exceptional service at all times. The need for personalised and independent advice has never been greater – it is essential for client-centric service and long-lasting trust.

Why does independence matter so much in today’s financial advisory world?

Freedom to provide unbiased advice

Being unaffiliated with any product provider or institution empowers advisers to provide clients with truly objective advice. Such advisers are free from the underlying pressures or conflicts of interest – as experienced by many tied advisers – to promote a certain provider or solution that may not necessarily be in the best interests of their clients.

True independence means you are free to offer unbiased advice tailored solely to each client’s unique situation – you are not limited by product quotas, sales targets or institutional incentives. Instead, you are empowered to take a broader, all-inclusive view of the financial landscape and create customised strategies that align with your client’s goals. Independent advice builds trust between an adviser and his/her client – this leads to a long-term relationship ultimately contributing to building a sustainable advisory practice.

Unbiased advice leads to better client outcomes

Clients want to be exposed to a wider range of solutions, both locally and offshore and independence allows advisers to meet this requirement.

Being an independent adviser means you have more products and solutions at your disposal to solve your clients’ unique financial goals. This enables you to offer your clients more choice and flexibility, thereby placing their financial wellbeing first. Gone are the days of just selling clients one particular solution from one product provider – instead it is now about crafting a personalised financial plan, tailored to an individual’s specific needs, risk tolerance and long-term objectives and then offering them a range of suitable solutions from various providers to meet those requirements.

Although this wider choice can be overwhelming for some clients, financial advisers play a crucial role in guiding and navigating clients towards the right solution to meet their financial goals.

Home of the independent adviser

At GrowthHouse, we fundamentally believe that independent, needs-based advice drives better outcomes, both for advisers and their clients.

With this in mind, GrowthHouse has embarked on a growth journey by offering a unique partnership opportunity to established financial advisers who value independence and autonomy in terms of advice and product recommendations, who seek innovation and growth opportunities, and who are looking for flexible succession planning options.

Our key objectives include enabling advisers to give unbiased advice, mitigating and removing any possible risks and identifying opportunities to unlock value – all enabled by leading technology, tools and technical support. We want advisers to maintain the independence that has differentiated them in the industry, over many years. Advisers also gain access to GrowthX – an industry-first online practice valuation tool empowering advisers to optimise their practice value while, at the same time, offering more comprehensive advice to their clients.

Not only will it empower you to remain independent in terms of advice, but you will also benefit from practice management support and being part of an innovative and entrepreneurial advisory group, grounded in independence, trust and a client-first approach.

We aim to empower advisers with the tools, product solutions and services to not only support their growth but also to ensure they provide the best possible advice to their clients.

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