Do I or don't I go self employed

[alwayswrighty]

I am an employed financial adviser specialising in personal and business financial protection (life/critical/income protection/family income benefit/etc).

I have not long started with a new company but I have some concerns, so am considering self employment.

I am in the process of talking to my friends who are self employed mortgage advisers about referrals from them as I will need help generating business.

We don't have a lot of savings but my Mum has indicated that she would give me enough to start up and keep me going for 6 months. I would be paying her back, although she doesn't expect it.

I've crunched the numbers and know how much I will need to write/bank and it is much lower than I write/bank now. So I'm thinking this is viable.

I am a good adviser, in fact my last boss has been known to state I am an excellent adviser. I'm not one to tell someone they need something if they don't.

So should I? I'm very wary not to get carried away with this.

Also if I do go ahead, can I ask your likes/dislikes about financial advisers.

Transparency re costs and income from products.
V clear info re risks/ rewards.
Being clear about what you could/ should must have in terms of life insurance/ critical illness cover.
Simple visual information.

@thesandwich

Thank you. I agree and I'm always transparent about these things, I explain and ask if the client has any questions because I want my clients to know what they have been recommended and why.

The risk/reward explanation is part of the process, so already built in too.

I also have some great visuals and know where I can get more easily if required.

The Financial Advisor bit is one part. The really hard part is finding your clients.
If you feel you can do that then go for it but dont underestimate how hard finding clients is and without nailing that bit how good you are at giving financial advice is irrelevant.
I have worked with independent FAs helping them generate clients and it’s not easy

I can see us heading for a recession. I would say that now is not the time. I think many people see visiting a financial advisor as a 'nice to have' and that kind of thing will be dropped as families feel the pinch.

A friend set up her own financial advice business & I don’t know the ins & outs but it’s something to do with St James’ Place, maybe a franchise? Not sure exactly but she’s been very successful & now employs a number of people. I imagine SJP help with getting clients? Might be worth a look?

@Hoppinggreen

That's the bit I'm in discussions with advisers about now. I have a good reputation so am hoping to capitalise on that now, but I am also having conversations with the hybrid models of getting leads by working in conjunction with a firm like SJP.

@Sprig1 also very mindful of how things are panning out currently. I've been a financial adviser for over 2 decades so have weathered 2 recessions and multiple redundancies.

Be very careful about getting involved with SJP
Their reputation amongst Advisors isn’t the best. I used to work in Financial services M&A and when I approached companies quite often the first thing they would say would be “not if it’s SJP”
Are you good at networking? Can you get out into the Business Community and make connections? Some of the most successful FAs I know have links to other Professional services companies
I hope I’m not sounding negative, I think you should go for it, but getting clients is key

@Hoppinggreen

You don't sound negative. You sound realistic.

I have about 7 mortgage advisers I can call upon for business, but want to talk this week first. I've also heard to avoid SJP, but there are plenty of other options. I have others in the pipeline. Thankfully my reputation precedes me which is helpful.

I also have connections in IFAs, brokers, etc.

I appreciate you picking holes.