"Not every network wants to offer what you want to do, and they may also shift over time; be clear about your current needs, your future ambitions, and how the network might meet them."
Life is short, and time is precious.
Just recently we attended the funeral of a much-valued member of our network, and while undoubtedly a sad day, it was also uplifting to hear about his life, the impact he had on others, and particularly the lives he had changed as a result of his work.
It was also heartening to see other members of our network there in attendance, many of whom had travelled many hundreds of miles.
They wanted to pay their respects, and it brought home how these were relationships that wouldn’t have been formed if these individuals hadn’t been part of the same organisation, hadn’t met up regularly, got to know each other, shared experiences and views over a drink or two, and realised they could be there for each other and were all making a positive difference in each other’s lives.
Of course, the social aspect of being part of a smaller network doesn’t tend to be the over-riding factor in why individuals/firm owners choose to join, but it can mean a great deal, particularly in our post-Covid world where the parameters have been changed.
For example, where once it would have been completely alien not to see a client face-to-face, not to travel many miles to meetings, not to get out of the office many times during a working week, now we often have the option to do just that.
And while it can, of course, be of great benefit to run a meeting over Teams/Zoom, for many advisers and firms, there also needs to be that human interaction, there needs to be regular get-togethers, often purely for social reasons, just to get people in a room together, where the above relationships can be solidified and where people can make a connection that can last a lifetime.
We’re often asked why people choose us over other networks, and this definitely feels like a major USP for us. Recognising that people don’t want to be dictated to, to be given a three-line whip to attend all manner of workshops and events, but also want to have the option to come to in-person meetings that might involve a bit of work but also allow people to simply chat together, about professional or social matters.
A lot of propositions talk about a family atmosphere, an umbrella under which all can shelter and all are treated equally, but how possible is this when you have thousands of advisers, and your ability to continue in the same manner is predicated on you feeding more and more advisers into the ‘machine’ in order to keep it going?
How possible, in such a scenario, is it for the heads of that network to also be advisers writing sizeable amounts of business each month? To know exactly what a different process, or more forms to fill in, or a greater administrative burden will mean to individual advisers, because they would have to carry out the same?
At the same time, we understand that a smaller network proposition might not be for everyone. How could it be? For example, if you have just recently completed CeMAP, and are looking for a network that is going to provide everything you need, including leads, essentially hand-holding you through those early months/years, then we might say that we are not the right network for you.
But, then we might also argue, that setting up your own firm straight off the bat might also not be the right option. Instead, you might be able to get all that within one of our existing AR firms, who are looking to expand, who want to bring in new blood, and have a system and programme to take newly-qualified advisers through to being completely comfortable with everything required of them.
At the same time, are you an existing firm that wants to specialise? Do you have a niche that you’d like a network to nurture, rather than be worried about the specialism you have carved out? In recent times, we’ve seen some propositions taking away opportunities from AR firms, worried about the compliance risk and insisting they refer that business onto a partner.
Our belief is that a good network should be there to facilitate the business you write, that which you want to write, and also be able to offer solutions/referral agreements/introducers to other experts in products and services you don’t want to offer. Not simply cut those solutions out of your offering and narrow your proposition.
Overall, if you are considering your options in the network space, be clear about what you want from the proposition, and what is on offer to you. Not every network wants to offer what you want to do, and they may also shift over time; be clear about your current needs, your future ambitions, and how the network might meet them.
And think about the connections and relationships you want to form, and the help you want. Is information willingly shared and help willingly given, or are you viewed as merely a cog in the machine, or a competitor to be feared? Do you feel valued? If not, then talk to other propositions – there are a large number – and talk to their AR firms too.
Take the time to engage and get the information you need, and then decide if it’s right. Certainly, don’t hang around in a proposition which just feels wrong for you and your business – there are always alternatives but you have to grasp them.
