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Tied, Multi-tied or Independent Financial Advisor?

20th February, 2023

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Tied, Multi-tied or Independent Financial Advisor?

Whether you’re recently qualified or highly experienced, one of the most significant career choices facing financial advisors – especially those working in the international wealth management space – is whether to work for a retail brand or strike out as an independent.

From remuneration to scope for flexible working, cost-effective access to the best CRM tools, licensing considerations, and the freedom to recommend products to achieve client objectives, there are a multitude of factors that might impact your decision.

That said, the decision is by no means irreversible: what suits you at one stage of your career – the security of a regular salary, for example – may well become less important as your experience grows and your priorities evolve.

In this post, we explore what it means to be an ‘independent’ advisor at Lawsons Network, with a particular focus on the benefits you’ll experience once you’re able to deliver a holistic strategy designed to achieve client goals for the short, medium and long term.

Tied advisors are restricted – and not purely by the products you’re authorised to recommend

There are many benefits off be being an Independent Financial Advisor as part of Lawsons Network

Many advisors start their career in a retail role with the intention of becoming independent once they’ve built up their experience – yet some remain attached to the idea of working for a retail brand.

Of course, it’s a decision that depends on your individual circumstances and outlook. However, advisors who have worked both independently and in-house tell us that there’s nothing that compares to the job satisfaction that comes from delivering a holistic service – unimpaired by product restrictions – and empowering clients to achieve their long-term financial objectives.

And the benefits of independence at Lawsons Network aren’t limited to the range of products you’re able to recommend. Many tied advisors work on a lower commission or retainer model, which places significant limitations on your earning potential. In fact, your employer is benefitting more in the long run, not purely in financial terms but by leveraging your expertise to add value to their business.

And it’s a similar – though less limited – picture for ‘multi-tied’ advisors

So, what’s the alternative?

Advisors may find themselves tempted to seek out the middle ground by exploring the multi-tied route, where you’re authorised to recommend a specific product or service across a variety of industries. Of course, this approach delivers an additional element of freedom, but you’re still unable to deliver a holistic independent service by recommending products best suited to achieve client goals.

And when it comes to pay, you’ll experience a similar pattern to tied advisors – this could be one that involves a base salary plus commission for successfully-recommended products; or it could be a commission-only model, but one with a low split and hidden costs rather than the transparent model that IFAs here at Lawsons Network enjoy.

Take the independent route to deliver a holistic client service

Choose products and providers that best match your clients’ financial objectives

As an IFA, you have the freedom to choose the products and providers that best match your clients’ risk profile and financial objectives. It’s by far the most fluid (not to mention lucrative) option, not least because as an IFA you’re more likely to attract and retain High Net Worth individuals. And as your own boss, you’re in charge of the strategic direction of your business. All in all, it delivers a more rewarding all-round experience.

Inevitably though, becoming an IFA presents its own unique set of challenges. How do you afford best-in-class technology, for example, or manage the burden of compliance? And, while you have the freedom to recommend any products you choose, how do you ensure that you have access to the latest providers making waves in the international wealth management space?

Discover the freedom to control your future at Lawsons Network

At Lawsons, we provide a solution to these challenges and more. Our industry-leading commission model will boost your profitability plus you’ll enjoy unlimited access to an exciting, diverse and constantly evolving range of products and providers – empowering you to deliver a holistic service that boosts client outcomes for the long term.

Currently, we have terms of business with over 60 providers – and that figure is growing fast. We run provider webinars and offer numerous training opportunities, helping you build provider relationships that last. And you’ll benefit from the backing of the Lawsons team plus the expertise of the Lawsons Investment Committee – our dedicated investment team provides portfolio solutions plus analysis and support that helps you achieve client objectives.

In addition, we handle all regulation and licensing requirements, removing the hassle and worry of the DIY approach. We’re committed to developing our regulatory reach by activity acquiring new licences.

To find out more about the benefits you’ll enjoy as a member of Lawsons Network – either as an Appointed Representative or a Consultant – get in touch with a member of our expert team.

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