The latest Heath report surveyed 249 adviser firms representing 865 advisers on the current availability and future of professional advice in the UK. The report found 5 per cent of advisers, a total of 1,650, have immediate plans to retire and another 16 per cent, a total of 5,280 advisers, hope to retire in the next five years. FT Adviser
The survey recorded the average age of an adviser was in their mid-50s. However, ‘just retiring’ is not as easy for financial advisers who own their business. If there is no clear succession plan, no family member ready to take on the business, simply retiring is not an option.
Protecting clients, their families and assets is at the heart of what financial advisers will always do. Throughout the years, advisers have had successful careers building up a loyal client base and serving their clients to the best of their ability.
The Right Mortgage and Protection Network have recently launched a retirement package aimed at all financial advisers, whether they are members of the network or not. With the retirement package, you can pass on your client book to the network and on retirement, 75% of commission will be paid to you for existing business and 50% for new business. This provides peace of mind that your clients will continue to be looked after, as well as creating a great income stream for you. In total the network have looked after over 54,000 satisfied clients since its inception so advisers can be rest assured their client’s best interests will be in mind.
Our retirement package:
- 75% commission paid to you for existing business;
- 50% commission paid to you for new business; this includes any income from cross-selling
- Guarantee your beneficiaries income when you are no longer around.
Should the worst happen to you and you’re no longer around, we will continue to service your client book with 50% passed to your beneficiaries.
How does our retirement package work?
1. Sign and return our short contract and let us know when you plan to retire
2. Prior to your retirement date, we provide you with simple letter templates to use to contact your client bank/lenders/providers
3. Upon retirement, we will contact your client bank and ensure they continue to be looked after
4. 75% of commission will be paid to you for existing business and 50% for new business
5. Should the worst happen to you and you’re no longer around, we will continue to service your client book with 50% passed to your beneficiaries
6. Relax and know that when you retire, your clients will continue to be looked after and you will have a great income stream
The network also provides the option of 'phasing' into retirement by product.
Who are we?
We are a network involved in mortgages, protection, general insurance, medical insurance, later life lending and equity release. In 2018, we reached 400 members and turned over circa 20 million. We have become one of the fastest growing financial services networks in the UK, due to our core values aligning with our customers values and understanding what they are looking for from a network.
FAQs
Is there a minimum age requirement?
No, you are free to retire at any age.
Is there a minimum client bank requirement?
No, we will accept any size client bank and ensure they continue to be looked after.
Will you provide me with any necessary templates to enable me to contact my clients and lenders/providers?
Yes we will provide you with everything you need to ensure a smooth transition into retirement.
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