Attaching an FSA

Attaching an FSA

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We are a small practice, but hoping to enhance our offerings by including financial services.

Could anybody direct us on where we should go to attract / advertise for an FSA  who might be interested in either a joint venture or employment?

Thanks for any help

Replies (5)

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By BigBadWolf
14th Sep 2012 09:32

do you mean an IFA?

you can either employ one by advertising for the position,

or, have an arrangement with a local firm and split any commission received, If you are based in North London - I can recommend someone send me a PM for details.

 

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By Carlos_Fandango
14th Sep 2012 09:58

I understand that the regulations and paperwork that an IFA has to comp,y with are quite onerous and so (relatively) the returns are not great.

I'd be tempted to have an arrangement with someone rather than employ them as I can see PI issues if it's all within one firm.

I've seen a number of cases where the practice sets up a seperate financial services arm, trading vis a limited company - so that may be the route to go and perhaps own it 50/50 with an IFA.

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Barry
By barry131
14th Sep 2012 10:23

Opps!

Opps - yes I mean an IFA (not FSA, silly me!)

 

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Teignmouth
By Paul Scholes
14th Sep 2012 14:02

Fixed arrangement risky

I've lost count of the IFAs I've fallen out with or stopped using and have no arrangement with any.  Rather I have found one recommended by a client who I can talk to and who is not on the phone every month to see if there's any business about or wanting to take me to lunch.

So, as others have suggested, if I was looking to promote this service, I'd find a local IFA or firm, preferably recommended by someone, and get to know how they work and what they specialise in before maybe agreeing on a no comittment arrangement to refer clients.

 

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By Sheepy306
15th Sep 2012 09:54

Refer only
I refer clients to an IFA that I personally trust, however even then I make sure that clients know that the IFA is totally separate to me and that they can see anyone they want. In fact for firms just starting up and looking for P.I. Insurance etc I often suggest that the client gets quotes online e.g. Hiscox but if they would rather speak to someone then to contact my friendly IFA.

I get a referral fee for any successful business passed to the IFA, but I always see this as a bonus and never a core part of my business.

I'm a sole practitioner and wouldn't want someone else's poor work, especially an IFA, to reflect badly on me whatsoever.

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