Money Aspects
The Money Aspects franchise is the first ever franchise available for independent financial advisers (IFA’s). It provides IFAs with an excellent platform to create and build their own business by way of a flexible and supportive working environment, and in so doing, provides the possibility of real earnings potential.
Our Concept
Money Aspects was started by Andrew Singleton, who has worked in the financial services industry for the last 20 years, since 1986. Andrew is a qualified accountant and is ex Inland Revenue, and also a graduate from Strathclyde University, and he applies his knowledge and experience to Money Aspects – and has developed it to meet consumer needs.The Money Aspects franchise is the first ever franchise available for independent financial advisers (IFA’s). It provides IFAs with an excellent platform to create and build their own business by way of a flexible and supportive working environment, and in so doing, provides the possibility of real earnings potential.
Our concept in evolving the franchise model in financial services is quite simple:
We aim to maximise the amount of time that IFAs actually spend in front of their clients (and prospective clients) and in so doing, give them a service that is second to none.
Your job is advising and that is what you should concentrate on, and we have come up with a solution that allows you to do this.
Our aim is to build up the name of Money Aspects to be respected as a name for quality advice, and all our systems have been evolved to ensure that the client gets a service that is second to none. If you look after clients and give them a quality service – you will keep them as clients, it’s as simple as that, and from our own statistics, we have seen that we retain some 98% of all our clients and from our client base, we get 60% of all our business each year from existing clients with 20% of new business being referrals from those clients.
If you give a service therefore – you will reap the rewards.
Who’s Ideal For us?
You need to hold the CFP qualification to illustrate that you know the basics of financial services, and the MAQ qualification if you are intending to advise on mortgages. So ideally, new entrants to the franchise would have these qualifications, but if you don’t have them – you can still proceed with an application.Ideally, applicants would have a good starting education, and be prepared to sit the exams needed before you could become a financial adviser. Money Aspects can provide some training and support in this period of your learning.
It would be helpful if you had some financial background – so if you have worked in the financial industry in some way – then this would be a helpful starting point.
You - The Adviser
Some advisers we have come across can only spend one day a week or sometimes two – in front of clients, and the rest of the time is spent on marketing, admin, accounts etc – there are always reasons for sitting about doing nothing. Money Aspects aims to provide franchisees with the chance to spend close to 85% of their time in front of clients, advising; because they are advisers and not administrators.
The Money Aspects franchise has many benefits:
- We do all of your administration - checking applications and sending them away, pushing policies through to completion and chasing commission;
- We complete applications for term policies and mortgages online, meaning all you have to do is advise the client;
- We do almost all of your compliance, leaving you with the simple task of completing suitability reports for business written;
- Our IT help desk is available to help you with any queries you may have, or provide you with any training needs you may require;
We can also cater for those who have clients with specialist situations:
- Pension Transfers - we have an authorised pension transfer specialist who can help you with those tricky cases;
- IHT Planning - we have a qualified accountant who is an ex-Inland Revenue employee who can help you with planning for a person's future and can create fully customised reports on demand.
Your Clients
In a Money Aspects franchise, the most important people are the clients, and like most things in this world, you will stand or fall by the service that you give. What we do in our business is categorise our clients according to their importance and needs. With Money Aspects, you categorise your clients as being either Gold, Silver or Bronze based on the level of service you want to give them:- Gold clients receive a financial review every year;
- Silver clients receive a financial review every two or three years - the choice is yours;
- Bronze clients do not warrant a financial review as they would most likely only have a mortgage or have asked previously not to receive any company literature, and we will review their finances in another way.
By categorising your clients, we allow you to focus your attention on where it is needed and deserved the most. This then means that all of your clients are looked after appropriately, and even for those who do not receive a financial review, their details are maintained on our system and would appear on your monthly Client Maintenance Report (CMR).
Building Your Business
If you focus on spending as much time as you can in front of your clients, then you will be of most use for your business. We would like to think that you could increase your earnings capabilities quite significantly with us, and what you will also be doing is building up the underlying value in your business – which will have the maximum benefit when you are ready to retire.Equally more so, because you are building your company under a branded name (and a franchise at that) you will find it easier to sell when you reach retirement. This too will get you a better price for it. Statistically, you should look to get as much as four times more for a franchised business than a non-franchised one. This is purely because buyers do not know what to expect from a non-franchised business.
A franchise gives a business a proven structure to work under, to give a better chance of leading that business to success. At the end of the day though, the franchise proposal merely gives guidelines on how we think you should operate your business. The final decision rests with you - it is your business after all.
We put you in a position to build your business as opposed to only earning a living.
Marketing
The definition of marketing which we work to is "to create and keep a customerOur marketing concentrates on three main areas:
1. Existing clients
2. Referrals from those existing clients
3. New clients
EXISTING CLIENTS - Too often, people go headlong into advertising and promotions for new clients and forget about existing clients. Over a long period we have shown that existing clients produce 60% of all of our sales, and they in turn give us about 20% of our business from their referrals. Ignoring them in order to get completely new business is like shooting yourself in the foot. We review our clients affairs through the Client Maintenance Report (CMR) and the client Financial Review – and this is tangible evidence for clients that they are being looked after.
REFERRALS - By giving existing clients a service which is second-to-none, you will ensure that they remain your clients for a long time*- and act as a source of referrals as they are happy with what you do for them.
NEW CLIENTS - If you do not have enough clients to achieve a steady income, we will help you build this area of your business up. What we would do for you is target the relevant people in your geographical area and make them aware of the high-quality service on offer. This can be done by any number of means, by us working together.
Any marketing campaign devised for you would be unique from all others done for other franchises. They would be suited for you to specifically target those people you would like as your clients.
We subscribe not only to the Data Protection Act (DPA) but also to both the Mailing Preference Service (MPS) and the Telephone Preference Service (TPS) to ensure all marketing done is compliant.
- Money Aspects retains approximately 98% of all its clients.
Investments
Our approach to investments (as well as savings and pensions of course) has evolved over the past 18 months, and the systems that we use today, gives clients a very high degree of satisfaction. This is one of our strong selling points.We take the MultiFund approach which some providers have, as this spreads the risk of investment quite considerably and uses a selection of funds.
We work to five different categories of risk:
1. No risk but low growth, e.g. banks and building societies;
2. Little risk and slightly better growth, e.g. fixed interest and corporate bonds;
3. Medium risk, e.g. stocks and shares;
4. High risk - specialised stock market investments; and
5. Very high risk - volatile areas where growth could be very high.
By using the MultiFund approach, we are able to place investments for clients according to their risk preferences and give them a spread of funds in the process. On top of that, we then monitor those funds which we have picked on a quarterly basis.
Your clients' funds “could” therefore be changed every quarter, free of charge, and this would ensure that their money would always be in the better performing areas. This gives clients a high degree of comfort and could be the gateway to more business in the future.
We also look at deviances of more than 5% from a client's chosen risk category and make changes as necessary. This keeps them within their specified risk band, according to their wishes.
Financial
- We have no initial franchise fee and only ask for £250 on application.
- We will look for a sliding scale of your commission – starting at 40% and reducing to 25% subject to amounts earned -
- We provide all of your administration;
- We pay for your regulatory fees;
- We pay for your Professional Indemnity (PI) Insurance;
As we have said above, to maximise the amount of time that you could spend in front of clients, we take care of just about all the administrative tasks – to allow you the freedom to work.
| Categories | ||
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| Accountancy | Business Services | Finance |
| Financial |
