There’s no denying it. The financial and time costs of running a financial advisory business as a solo operator for financial advisors are reaching unsustainable levels.
The added scrutiny and educational requirements that directly result from the Financial Royal Commission are not necessarily a bad thing. After all, as financial advisors, we play a vital role in the lives of many Australians.
However, with rising costs for licensees and significantly additional requirements of time on financial advisors with the need to sit ethics exams and new units of study to continue operating, solo operators are finding themselves in the middle of a financial and time squeeze.
The result?
More time and money spend on ticking the required boxes to keep their doors open and less time spent on working on their clients and providing outstanding financial advice.
As Endorphin Wealth continues to grow, I find myself speaking to more and more financial advisors, looking to either sell their book or find employment.
For many of these advisors, the increasing time requirements of increased study and increased costs means they are facing some tough choices concerning how much they charge their clients and the amount of time they can allocate to everyone in their book.
As a result, many are now actively looking for a partner or a firm with which they can share their costs and risks to maintain a high quality of service at a competitive price or exiting the industry altogether.
Endorphin Wealth is no stranger to these challenges.
Alongside my experienced and committed team, in particular Director Rob Rich, we have spent hours determining our fees thoroughly and systematically.
However, unlike solo operators, we have the time to and the expertise to dedicate to this exercise because of the incredible team we have built.
As a firm that has grown to now include eight advisors, we also achieve economies of scale that give us increased negotiation power with all suppliers.
At Endorphin we’ve made no secret of our vision to be one of Australia’s best goals-based financial advisory firms.
With an operational team that covers all things compliance for our advisers and their clients, as well as an investment committee that is consistently vetting and learning about the newest opportunities and providing thoroughly researched recommendations and portfolio positioning.
We want to attract the best advisors and set them up so that they can do what they do best and provide their clients with award-winning financial advice tailored to their individual needs and goals.
But we also know that every financial advisor has different goals, wants and needs when it comes to financial advice in Melbourne & Sydney.
So at Endorphin we provide two distinct streams for financial advisors who are looking to spend more time advising their clients and helping them achieve their goals and less time running a business.
The Endorphin employment model caters for self-employed and employed advisors.
Already Self-employed advisors:
- retain a majority portion of the revenue from their book, even into retirement
- ability to co-brand and benefit from online leads generated by Endorphin Wealth
- gain access to all the back-office and operational capabilities Endorphin has to offer
- increase revenue due to more time for business development, clients and make significant savings on other business expenses
Currently Employed advisors:
- potentially have access to a generous retainer for first 6 months
- mentoring and support to get started in their own business and grow their client book
At Endorphin, we are incredibly passionate about helping our advisors make a tangible difference to their clients lives – helping them feel good about their future.
And we know that to do that, our advisors need to be resourced with the best available research, a first-class operations team and a team of experienced advisors who can lend additional support in the way of sharing their first-hand experience and expertise.
For further information about Endorphin Inspire, and opportunities in wealth management in Melbourne, Sydney and more, please contact Phillip Richards (Founder & Director) via [email protected] or 0477 004 455.
