What a few of our existing Advocates say:
For a small company IFA, getting the exit strategy right is probably the most important and yet most difficult decision the outgoing IFA will ever have to make. Over a period of nearly three years I talked with larger IFA companies, business brokers, networks and like-minded IFAs in order to find a solution which would work for me.
I joined Nexus as, above all else, I liked the family feel. Nexus is not a hire-and-fire, achieve-target-or-else outfit. Rather the emphasis is on the team. Phil leads very much from the front and tries to include the newcomers like myself as much as possible whether by invitation to a business seminar, individual meetings over coffee, joint visits to clients or simply to a day fishing, golfing or at the races.
It is an enormous relief to be shot of the morning post, compliance, professional indemnity and endless report writing. My new role as a non-advisory client liaison officer (or advocate as Phil would say) takes a while to adjust to but it is, in many ways, an ideal compromise.
Martin de Lancey
Like many a one man band IFA, I had a dawning realisation that I had to make an eventual decision on my future in the profession. All manner of things went through my mind - is this a simple matter of regulatory deauthorisation, what then happens to my clients, and importantly what happens on the financial side?
In the same way as clients deal with me because of trust, I turned things on its head and thought "Who do I trust?"
I had been a member of the network and had heard that Ian McIver and Phil Frapple were assisting other advisers in my position. I had always liked and trusted them both implicitly on both a business and social level. As others have said, what I like most about Nexus is the family feel. Nexus is working with me and not against me. It's not a matter of what party wins - both do.
I am comfortable that I can continue to engage with my clients (in a non-advisory capacity) as that is what they want. Upon retirement clients still like to know that a face they trust is still around and accessible. Socially though I am more often out on a riverbank fishing with Phil and things are just as wet with Ian in a public house we frequent!
The thought of slowing up a little appealed to me but what did not appeal was the thought of suddenly being no longer able to deal with my clients, many of which, I have known for a considerable amount of time.
Until I met Nexus I was under the understanding (misunderstanding!) that I really had no choice than either continuing with my business per se or sell it for a capital sum. I was, therefore, very pleased when Nexus outlined their advocacy option which enabled me to continue to receive income (for me more important than capital) and, of course, continue to liaise with my clients (of course, I accept in a non-advisory capacity).
I have been very pleased with the result, the sociability of Nexus and the joy of continuing to engage with clients without the administration and compliance burden which Nexus now carries.