At the individual firm level, advisers said recruitment, better capacity, better marketing and plans to capitalise on a growing database will push up business levels this year. Improving economic conditions, coupled with a growing market and the rise of the broker as the primary mortgage sales channel are all expected to pay dividends.
The really pertinent question then to DA advisers growing their firms, is what sort of people do you recruit in order to get that capacity and capitalise on the growing market?
The key is to surround yourself with good people – or great people. Many people, when they are recruiting, feel threatened by people they think might challenge them or be better than they are, instead these are just the sort of people that you should be welcoming into your firm in order to grow and prosper. Rather than recruiting people with the same skills as you, you should look for people who can complement your skills with expertise in different areas. This is particularly the case now more than at any time.
I think we should give up the aspiration of advisers giving holistic advice on every part of the market. Instead, there is a growing need for specialists in different areas. You may be a mortgage expert for example, but what about protection? With the new taxation rules regarding buy-to-let, your clients will also need access to tax specialists, accountants and maybe lawyers – and if they have money to invest, wealth management specialists too.
The key is to not only grow your staff in key areas, but also a network of really good people that you can refer clients on to. They will remember who referred them if they get a good service and are likely to pass you referrals as a result. And you can then also be confident that you really are providing your client with the best possible outcomes, all while growing your business.