The concept of building a network followed a few conversations with directly authorised introducers who were regularly placing business through our parent company F4B and seeking additional support in a number of areas. This soon extended to some ARs who were not happy with their existing principals, specifically around the access to and expertise in the specialist markets.
It’s now 18 months down the line since the launch of the F4B Network and we have just added our 100th firm to the roster. On one hand, this marks a significant figure but on the other hand it’s relatively insignificant. I say this because it’s not a numbers game. I would much rather have 10 active, highly professional and engaged members than 100 who did not match the standards we demand.
To reach this ‘milestone’ has not been an easy journey. We have had to part company with firms along the way who didn’t fit with the way we worked and vice versa. As a network who invests time and energy into all our members, this can feel like a waste of valuable resources but this is a process which all good networks have to go through, especially early on in the process, if they are to achieve the ultimate goal of longevity.
So what have we learned on our journey so far?
One of the main traits advisers require and respect is transparency, particularly around how, how much and when they are being paid. And this is increasingly evident in a challenging economic climate and during a period when cases are taking so long to complete.
Simplicity is also a key element. A network offering doesn’t have to be complex; it just has to deliver. Whether this is via a compliance process, sales journey or in accessing a complete CRM and research system which holds all the required information and documentation in one place.
We’ve already touched on this a little but let’s add cost to the mix. Advisers are simply looking for transparent costings when it comes to any services they have access to and be on the receiving end of a fair commission split.
Which leads me onto trust, by which I mean trust in the whole of market lending panel, trust in the experience and expertise of the support on offer and in the packaging partner in place who can do all the heavy lifting on their behalf without having to even question who owns the clients.
My final point revolves around flexibility. For example, one of the most popular features we’ve introduced is a free admin support package. However, not all advisers want this and are some are more comfortable maintaining control of their own admin procedures. Which is why we now ensure that advisers understand this is an optional rather than compulsory feature.
Advisers looking for a network offering should take into account these key elements of transparency, simplicity, cost, trust and flexibility. These are certainly elements which we have tried to integrate in the road to 100 member firms, whilst ensuring that we are adding genuine value along the way.
Which leads me to the question – is your network demonstrating these qualities? And if not, why not. After all, its vital not to settle for second best when it comes to finding the right network partner to match your ongoing requirements and future ambitions.
Steve Swyny is commercial director at F4B Network