If you’re feeling spooked by your Network, it’s time for a change!

You may be concerned about your longevity with your network, due to the financials, the choice of providers, the support (or lack of) you are reliant upon, or even the scope of services available for your clients.

When it comes to financials, alarm bells may start ringing due to a few reasons. One being possibly the financial stability of your network. How open is your network about their profitability? Are you confident that they are re-investing back into its members and therefore you as their customer? Or do you feel you are kept in the dark? A network that is profitable year on year and retains its profits within the business evidences that they are committed to providing a long-term home for their advisers.

Trick– You can check your networks accounts published on companies’ house.

Another reason is the fees paid to a network and the commission pay aways. When calculating the amount received in your back pocket, it can be scary when you become aware of exactly what percentage you pay away in comparison to what you thought you were meant to be paying away. The fees paid to a network should be fair and you should see the value from your network in return for this. Commission splits should be transparent and your network shouldn’t be keeping any secrets to what they take and why. If you feel your network is not being transparent with you, it’s time to unlock the skeletons in the cupboard.

Treat– You could end up being offered more favourable commission terms.

Thirdly, are the exit charges networks may apply. Many advisers are horrified when they find out what these are and the potential impact this could have on their business. If you’re contemplating leaving your network, be sure to read your contract to establish any exit charges, at what point they are charged, and if these are ongoing costs or one-off payments. A network should not make you trapped, you can leave, you just need to get your timings right.

Trick– When receiving confirmation of your exit charges, question every charge and ask to see where this is referred to in your contract.

As for choice of providers, it may be a nightmare that you have access to a limited panel rather than a whole of market panel. Can you be certain you will always have a solution for your client’s insurance needs? Or, does it haunt you that you may possibly be missing out?

Treat– A whole of market insurance proposition will mean your clients premiums are unloaded, and consequently you can provide fair value.

You could possibly be shocked by the support you receive from your network. You may have queries that remain unanswered for days, or that never get answered, so you’re left feeling that you’re dealing with ghosts that just disappear. You may feel that the compliance team within your network are unsupportive and that they are trying to catch you out, rather than protecting your business. Subsequently, being made to feel like a cat with nine lives. A network is there to guide, support and help its members, with the objective to provide protection to its members, professional advice, and products that are fit for purpose for their clients.

Trick– If you are wanting to leave your network, ensure all compliance requirements are followed in order for clean reference to be provided.

Maybe your network imposes a limitation to the scope of services you wish offer your clients. How frightening is it that you cannot ringfence all of your client’s needs under one roof, and allow the opportunity for another adviser to help your client? A network should be there to help guide and support its members to achieve their business goals and objectives. If your network is not supporting you with your business aspirations, maybe you need to research what other networks are out there.

Treat-There are networks out there that will support you in offering more choice for your clients.

If you are concerned about your future with your network, and you’re intrigued to know what else is on offer, it’s advisable to speak with firms that are part of other networks to get a balanced, fair view. The grass can be greener.

Trick– You can find contact details on the FCA register.

Treat– There are some networks out there that also have a directly authorised option if you’re wanting more control over your business.

If you are interested to find out more about The Right Mortgage & Protection Network, The Right DA Club, and sister companies The Later Life Lending Network or The Right PMI & Healthcare, please contact: joinus@therightmortgage.co.uk or visit www.therightmortgage.co.uk