A survey of 100 users of Intelliflo’s Intelligent Office (IO) management software found that 85% want to grow their business but just over a third said they lacked the resources to train existing employees was an issue, as was recruitment.
In the paper called Growing your financial advice business – the hybrid model, Intelliflo assesses how to recruit and foster the right people.
Intelliflo said the traditional face-to-face adviser-consumer model is being disrupted as finances move online, provider branches close and robo-advice models launch around the country.
The firm added that using recruitment to grow a business is getting harder as firms battle it out for the best broker candidates with brand, remuneration and independence all priorities for these new recruits. The use of digital technology can take the pressure off firms to continually recruit and train in-house, said the firm.
Among other issues, the paper outlines the challenges of growing a business from within, the changing shape of advice businesses, the advice gap and shaping a business to attract younger, pre-qualified advisers.
Nick Eatock, executive chairman at Intelliflo, said: “Regulation, higher qualifications and the digital expectations of clients are all impacting on financial advice businesses and the traditional ways of recruiting to grow are under pressure. Our paper puts the spotlight on the issues and sign-posts some of the ways advisers can formulate a strategy that will help them achieve their business ambitions.”