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Advisers’ growth ambitions under pressure, finds Intelliflo


Growing a financial advice business is a key ambition for the majority (85 per cent) of financial advisers, but finding the time for business strategy and planning is a major barrier to doing do for almost two thirds of them (63 per cent).

That’s according to a survey of 100 users of Intelliflo’s Intelligent Office (iO) management software which also found that just over a third (38 per cent) say they lack the resources to train existing employees, with recruitment (37 per cent) also cited as an obstacle to growth.
Recruitment is a key focus of a new Intelliflo white paper that focuses on how financial advisers can grow their businesses, with input from specialists from adviser recruitment firms, including JohnstonGreer, Heat Recruitment and financial adviser development consultancy, DISCUS.
Called Growing your financial advice business – the hybrid model, the paper highlights how technology is shaking up the traditional shape of financial advice businesses and why advisers need to revise their approach to growth if they are to succeed in expanding their empires.
The paper includes a focus on recruitment and why finding the right type of recruits is increasingly difficult for existing advice firms; the challenges of growing a business from within, training existing employees to climb the internal career ladder; the changing shape of advice businesses following RDR and the ‘advice gap’; and shaping a business to attract younger clients and maximising the role of younger employees who are not fully qualified advisers.
Nick Eatock, executive chairman at Intelliflo, says: “Regulation, higher qualifications and the digital expectations of clients are all impacting on financial advice businesses and the traditional ways of recruiting to grow are under pressure. Our paper puts the spotlight on the issues and sign-posts some of the ways advisers can formulate a strategy that will help them achieve their business ambitions.”

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