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Becoming a self-employed adviser is an attractive concept, but it’s also a big step. Choosing the right route depends on how much time you have to dedicate to running a business and how much risk you’re prepared to take on.
The good news is there are essentially three routes to being a self-employed adviser:
This route is the quickest and easiest jump for an employed adviser. You get a lot of support in the form of admin, marketing and compliance security, but you have the freedom to run on your own track and work when and where you want.
This route is best for:
Advisers wanting to make their first leap into self-employment and experienced advisers that want to relieve some of the pressures of running a business.
As an AR your network is responsible for your compliance with regulations and will monitor your quality and competency. This gives you greater security, but means you relinquish some autonomy – including higher turnover and income thresholds. Such restrictions often vary considerably between networks.
This route is best for:
Experienced advisers wanting compliance security, but also looking to build their own brands.
Easily the most challenging of self-employed routes, directly authorised principles are completely responsible for ensuring compliance and running their businesses. Although 3rd party support is available, it tends to be rather light touch. You’ll
also need to retain a fixed amount or percentage of your turnover to meet the minimum capital adequacy requirements – this could be tens of thousands of pounds, depending on what business you transact.
This route is best for:
Experienced advisers who’ve some experience running a business and are happy to take on full compliance responsibility and liability.
Here at Tenet, we offer all three routes, so we know who’s best suited to each.
Running a business is a huge learning curve, and in our experience, the most successful route for advisers new to self-employment or those just wishing to advise autonomously without running a business is to become an RI in an established brand.
This article was written by one of our Featured Companies.
To find out more about who our Featured Companies are, including how to contact them directly & find out about opportunities with Tenet view their Featured Company profile. You can also edit your profile and connect with featured companies.
You can also request a copy of their free top tip guide on how to be your own boss.
