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Guide to picking a network - part 1

Published by FTAdviser | May 23, 2012

As networks went bust, had to shut shop due to problems with professional indemnity insurance or were slapped with FSA fines, it became increasingly obvious that a quick cost saving could prove pointless when you were suddenly left no longer able to write business.

Ensuring the network you pick today has the structure, financial strength and ability to deliver what you need to meet the new regulatory requirements being implemented in 2013 and beyond is now vital.

FTAdviser’s two-part Guide to picking a network reveals what you can expect from a network, alternatives to this framework and how you can conduct due diligence to make sure the choice you make today is the right one for you and your firm going forwards.

Answers supplied by Keith Richards, group distribution and development director of Tenet, Philip Martin, proposition and marketing director of Openwork, and Nick Kelly, managing director of Sesame Bankhall Group.

  1. Q: What is a network?

    A network enables adviser firms to give advice on financial services business without being authorised directly by the FSA.

  2. Q: What are the pros and cons of networks?

    This largely depends on the perspective and needs of an individual firm, as sometimes the benefits realised by one can be perceived as a...

  3. Q: What is the alternative to joining a network?

    Individual advisers have a number of options available to them.

  4. Q: What will the network do for me?

    A network will provide a regulatory umbrella and framework to enable members to write business that is wholly compliant.

  5. Q: What will I have to do for the network?

    If you work within a network then you will obviously have to operate within their systems and processes.

  6. Q: What should I ask a network?

    Think about the business you want to build and then assess which Network is best placed to help you achieve that goal.

  7. Q: What is the process of joining a network?

    The process depends on the network.

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