To intermediate or not intermediate, that is the question. There are two types of financial planners. First, there is the Financial Intermediary. Then, there is the 'Non-intermediating' Financial Planner. We specialise in supporting 'Non-Intermediating' Financial Planners.
We take a real interest in your business, where you will feel part of a team. We help 'Non-Intermediating' Financial Planners to grow their businesses compliantly, professionally and profitably. We instil confidence in your business.
We offer the 'Non-Intermediating' Financial Planner the job lot. Our range of services include the sharing of compliance advice, marketing support, general guidance, business documentation and processes, coaching, training, webinars, helpdesk support, events and much more.
We deliver online support and personalised solutions to a global network of online 'Non-Intermediating' Financial Planners and their firms. With a focus on online global life & money planning, our members are typically small life & money planning firms around the world servicing a global village of clients online.
Our virtual team are knowledgeable, friendly and there to help. They are extremely helpful in all areas and have the appropriate knowledge, experience or qualifications relevant to their roles, and the areas on which they may be assisting our members.
If buying support works well for you, our support is second to none. We keep up to date with current regulations. We provide impartial views and recommendations. We are very approachable if ever you have any concerns. We deal with things efficiently and quickly.
Our services are provided under fixed fee agreements by the hour, or by the month or for a task. We are there to work for you and have no interest in promoting additional services that do not sit well with your business model.
Our core service brings together the best in online and over the phone support. This level of support is designed to:
Twelve-months Virtual Mentorship via interactive programme - £450 (or pay £45 per month, cancel at any time). Fast track is an intensive three-month version available for £950. Find out more!
Maybe, increasing regulatory burdens and circumstances are forcing you to consider selling out your much-loved boutique IFA practice to a larger firm or consolidator.
Perhaps, your PI insurance premiums have gone through the roof with major exclusions applied, restricting permissions, and on top of FSCS levies and compliance network fees, you seem to be paying everyone else and never yourself.
Potentially, you are becoming increasingly irritated by the decisions of your compliance advisers limiting your recommendations, it seems like you can no longer put the client first and must cover your back all the time instead.
Possibly, you can end up carrying massive potential risk arising from past sales and retrospective FOS perspectives, carrying liabilities to the grave.
Maybe, you and your clients are struggling under the stay-at-home orders. Everyone needs an economic relief package. Everyone needs a new life plan after this.
Imagine this. You carry on doing what you love, owning your own business, with a happy consolidator writing you a big fat cheque for your intermediating book. And, your new service is non-intermediating and non-competing, so you don't have 'no-contact' clauses to worry about.
Picture this. You're kept abrest of regulatory developments and provided with clear guidance and quality solutions. PI insurance premium of less than £100. No FSCS levy, no massive compliance network fees.
Here, there's no massive regulatory compliance red tape, as there are no intermediary obligations impacting your chosen line of business.
What if you were supported to deliver great client outcomes, adding huge value to your customers, AND you still do proper financial planning without liabilities for stuff that goes wrong as a result of other people's mistakes.
Here, you work from anywhere, helping clients in their home under social distancing rules, fixing Your Money or Your Life while fixing theirs!
By submitting your download request you will be entered into our weekly draw for a free copy of the book "Your Money, or Your Life!" T&Cs: Open to entrants worldwide aged 18+. Winner chosen at random. Closing date 6pm on Sunday 7th June 2020. Last week's winner was Emilia Nastaly-Howard, from Braintree in Essex, UK.
For your 60-minute consultation to discuss your mentorship and training requirements, please order via our Shop. The price is £45. Place your order today and we will contact you within two-working-days to arrange an appointment at a time that is convenient for you.
If fruitless, stay-at-home and restricted commercially is where you are and a flying online success adding client value is where you want to be, then I'm sure you would agree, you need a new system, vehicle or solution to get you from A to B.
Well that is what this is ... The GAME Plan!
I am here to show you a new way of working. Separate advice from the product. Place a wall between them. Focus on advice through life & money planning. Leave the product side of it to your client.
You become non-intermediating and therefore non-regulated. The cost of regulation disappears. You charge the clients fixed fees. You add value for them just as you did before. But, cutting out compliance cuts out 50% of your overheads. Your profit margins rise. You act as a fiduciary adviser, placing their interest first. No muddying of relationships with commissions.
Here is the thing ...
When you cut out regulation, you cut out verification of identity, signing of documents, and handling of client money. Which means you can run your business online, from your own home. Delivering great service to clients in the UK and internationally. Your business is uninterrupted by covid-19!
You can also pass on efficiencies from economies of infrastructure and scale to your clients. This makes non-intermediating financial planning lower cost to the consumer, whilst adding just as much value for them and maintaining your profit margins. It is what I call a perfect win-win scenario.
It is the unprecedented solution for unprecedented times:
GLOBAL MONEY & LIFE PLANNING
FOR A LOCKED-DOWN CLIENTELE
IN A GLOBAL ECONOMIC & SOCIAL EMERGENCY.
We offer you: Templates, Case Reviews, Research, Technical Support, Compliance Support, Business Development Solutions, Online Events and Training, Technological and Back-End Solutions, PI insurance.
FEE-ONLY NON-INTERMEDIATING FINANCIAL PLANNING is PROPER FINANCIAL PLANNING, sometimes known as LIFE PLANNING or FINANCIAL LIFE PLANNING without FINANCIAL INTERMEDIATION.
JOIN Our Non-Intermediating Financial Planning Network On LinkedIn #NIFPN
The non-intermediating financial planning business is an important consideration because ...
Because the Year 2020 could not only mark the end of the Boutique IFA firm from rising intermediating regulatory costs & burdens ...CV-19 has changed the face of financial planning as we know it, forever!
As a financial practitioner you will know that mastering financial planning requires years of training and professional development in the art, as much as it does the science. We can help in both areas.
Steve Conley has experience as the business development director of the UK's fourth largest IFA Network. He is the authority on life & money planning and the author of "Your Money or Your Life!"
Steve Conley is a bestselling author and success coach who has helped countless people transform their personal and professional lives via his newsletters, seminars, private sessions, public appearances, articles, products, and books. A few years ago, Steve said goodbye to his life in Canary Wharf as head of investments for the world's largest bank to encourage as many people as possible to live lives of complete financial freedom. He set up as a global online non-intermediating financial planner.
Steve has trained hundreds of thousands of insurance company representatives, restricted and independent financial advisers since he became a chartered financial professional back in 1989. He has led and trained advisers from some of the largest financial services companies in the world.
He trained thousands of insurance company sales representatives in the 1980's and 1990's. He trained thousands of bank advisers for the brands of HSBC, Royal Bank of Scotland Group and Santander in 2000's.
In the past decade, he has been a Master Life Planner devoted to training independent financial advisers in the practice of the trusted adviser - planning the client before planning the money.
Having left the banks in 2012, he started practicing life planning, initially as an AR of Sense Network, rigorously and intensively studying under master George Kinder. He started teaching life planning at the Academy and has since become a best-selling author.
He has the science mastery in the BSc in Maths, and his award-winning professional examination success and he has the arts mastery in his Life Planning Mastery and development of global leading Kinder Institute methodology into the GAME Plan methodology, described in his best-selling book - Your Money or Your Life: Unmask the highway robbers - enjoy wealth in every area of your life.
He is today the master life planner and chartered financial planner, the go-to expert for any aspiring financial planner. Today, Steve mentors selected advisers and supports their firms in the art and science of financial planning.
As founder of AoLP, Steve spread his teaching all over the world, from big cities to remote villages, and from universities to schools. He became famous throughout the industry for the GAME Plan (a multi-dimensional planning tool – mind, body, heart, spirit, and bank account) that he gave to people from all walks of life, without making any personal distinction or discrimination.
If you would like to be his next prodigy, and be the next non-intermediating financial planner, why not contact us.
Ongoing Mentorship is £45 per month (or £450 per annum). Book via our shop. This includes:
Fast track service is £950 (intensive training over three months). Please ask for details.
"It's a shame I can only give Steve 5 stars and if I could (give more) there would not be enough anyway, as not only will any interaction with Steve enlighten your existing beliefs on how we should treat clients, it will do something more powerful than that.....it will give you belief to re-evaluate yourself." Paul Hoyle, IFA, 2017
At the Academy we train, accredit, register, mentor and partner with financial advisers and life coaches from around the world. This makes our mentees the most trusted advisers globally. While other advisers pursue share of wallet, our advisers pursue share of heart! As a result of the trust created, our adviser community become more and more successful in every area of their practice.
Watch Peter's story. In just a couple of years from becoming a mentee, he became a top 10 financial adviser nationally in terms of sales and on 23 February 2019 he became one of The Times top 250 financial Adviser in the UK. An achievement Peter repeated on 8 February 2020.
The UK's most trusted newspaper's most trusted financial advisers for 2019 and 2020.
"Before 2015, I was doing what the textbooks taught and what every other financial adviser was doing. It was very product driven. I looked at the client’s money and identified a product to sell. It was very driven by the textbooks and the company I worked for. I was reluctant to put client objectives and goals in place, because of the fear of missing them and not achieving those outcomes. I went on a bit of a journey; I didn’t know where I was or where I was going. I did know that I was unhappy with what I was doing, it was too product driven. It was the objectives being placed on the client, rather than the clients setting their own. I didn’t really know what the answer was until I met Steve. In 2016, I met Steve at a networking event where he began to educate me on how it perhaps should be. I was a little bit slow to take it up or to catch on in the beginning. Through further reading, meetings and conversations with Steve … it really just became apparent that there was a better way of doing things. That feeling in the pit of my stomach disappeared and it just felt like it was the right way to do it. Once the penny drops. That’s it. There’s no turning back. It’s really empowering as an IFA to know that I’m doing it the right way. This is how it should be done. The money isn’t the client anymore and that’s how it was. Now it’s all about the client. It’s their goals and objectives that drive the process. The business has gone from strength to strength. From starting with an organisation of 160 partners nationally, with little experience as a relatively newcomer to the advice side of financial services, in a little over two years we are now in the top 10% partners in the firm. It would not have taken place without this approach. I have absolutely no reservations about how we do what we do. The figures and our position speak for themselves. We are set to have a fabulous year. As a result of life planning, we are adding value to the client constantly so they’re really happy doing business with us. When we see feedback on sights such as ‘vouched for’ we see ourselves featured in 2019 as one of the Times’ top rated and best financial advice firms in the UK. What better validation than that!"
- Peter Johnys, IFA 2019.
If you are pursuing a career in financial planning you can choose the intermediating or non-intermediating routes.
An intermediating financial planner (or financial intermediary) is required to be registered and regulated by the Financial Conduct Authority (FCA). A non-intermediating financial planner is not.
Financial planning itself is not a regulated activity. It is classed as general or generic advice.
If you always wish to act in the best interest of your clients without conflict of interest, then you might further consider becoming a fiduciary financial planner. That is, you are fee only and there is no conflict of interest.
A non-intermediating financial planner is a fiduciary financial planner. That is, they act as an agent of the client and do not hold any agency agreements whatsoever with any product providers. They are guaranteed by contract to place client best interest first.
Financial intermediaries find it difficult to sign up to fiduciary codes because in the absence of a wall between advice and product they find it difficult to undertake to always act in the client's best interests.
When financial planning for consumers, the greatest value added in the services you provide is in the provision of the financial plan itself, rather than adding value through financial intermediation. Indeed, when adding intermediation fees to the price of a product, the financial intermediation route is often more expensive than the consumer buying the product direct from the provider.
Some might argue that financial intermediation may lead to better outcomes for consumers. It is certainly more convenient to have someone make investment decisions for you. But at what cost?
When it comes to investing life savings, few financial intermediaries can improve upon the outcomes achieved using passive retail multi-asset funds on platforms. These are relatively simple for the consumer to set up and maintain. The savings for the consumer can be as much as hundreds-of-thousands-of-pounds over a lifetime.
When planners realise that the greatest value is added by the non-regulated activity, they may begin to question the rationale for and cost of being regulated.
Regulated activity adds considerably to the time and cost of the financial planning process. It also makes it difficult to maintain client relationships remotely, with all the proof of identity, signing of documentation and trust required to handle client money. It's difficult to apply social distancing measures when you are regulated. It does not necessarily lead to better outcomes for clients.
Certain transactions can only be undertaken by a regulated financial intermediary, such as a pension transfer from a Defined Benefit scheme. Non-regulated financial planners may therefore need to refer consumers to regulated financial planners from time-to-time.
It should be noted that today ninety-five percent of the population are underserved by the financial intermediary population on account of their limited wealth. Financial intermediaries often operate with thresholds of investable assets held by consumers, below which they will not operate. A typical threshold might be £100,000. Due to the economies of infrastructure, non-intermediating financial planners can serve the underserved at far lower thresholds at prices they can afford.
A major part of the financial planning process is planning the client before planning the money. In order to do this effectively the financial planner must also be an expert and experienced life planner.
If you are considering becoming a non-intermediating financial planner, or you are a financial intermediary wishing to learn the art of this style of financial planning, please contact us to discuss our mentorship, training and accreditation services.