|There’s been a lot of noise and commentary of late regarding the amount of value that Advisers do or do not receive from the group they are aligned to. So it’s time to get on the soapbox and point out a couple of home truths about what groups, such as Newpark, facilitate for Advisers.
First of all, ‘value’ in this context is not referring to group buying deals, subsidies or discounts made available on particular products and services. They are nice to have, but if that’s your sole point of reference then you’re in the wrong group.
What is most valuable, and the hardest to quantify, is the intangible benefit of belonging to a group of like-minded professional financial Advisers. Consider for a moment the different events that a group will organise for its Advisers, such as regional study sessions, conferences, development days, supplier training and top Adviser seminars etc. The chances that an Adviser would be able to facilitate this type of thing by themself on a regular basis are slim to none (and Slim just rode out of town).
Next consider the value gained from just one new idea, one new friend/mentor, or one problem solved. Then there is the expectation from your peers of being present at the next session. We all know that life as a financial Adviser is one of the loneliest occupations in the world and more often than not these events are the only positive reinforcement you will receive. It’s not going to come from the regulator, is it?
This is just not hot air, either. The graph below illustrates the effect of regular sessions had on the API production over the last two years on a particular group of Advisers at Newpark (they will remain nameless to protect the guilty).