Frequently Asked QuestionsQ. What do I do with all my files?A. This depends on whether you are a network member. The majority of networks require the files to be returned. If you are directly authorised you will need to make arrangements for the storage of the files.
Q. If you do not want the files, then how are you going to have sufficient information upon which to provide my clients with advice?A. We work closely with the retiring IFA to ensure we know as much as possible about the clients. However, as we are taking responsibility for the advice, we undertake a full fact-finding process for all clients.
Q. Can I continue to have an involvement with my clients?A. The majority of IFAs who join Bright deregister. This obviously precludes them from giving advice. However, the most successful relationships that we have with retired IFAs, are where the IFA's stay involved with their clients over the initial hand over period. Our business model allows the retiring IFAs to have as little or as much involvement as they wish with their clients. We have IFAs who stay actively involved with their clients and those who have no involvement.
Q. Do I have to deregister to join Bright?A. In most cases the IFA joining Bright must deregister. However in certain instances, the IFA can become a Registered Individual of Bright as part of a planned move towards retirement.
Q. What assistance and advice can Bright offer me with regards to deregistering?A. Bright has experience of working with:- Sole Traders
- Network Members
- Partnerships
- Limited Companies
We can provide practical help and assistance with regards to deregistering, dissolving partnerships and winding up limited companies.
Q. Why do you undertake due diligence of my businessA. We undertake due diligence to ascertain the unearned indemnified commission position, and to determine that your business is compliant and compatible with ours.
Q. What software do you use?A. We use Intelligent Office, which is web based. This allows our staff and advisors to access the system remotely.
Q. Ideally I would have liked to have sold my business. Is there a possibility that you would purchase my business?A. Our standard business practice is for you to retain ownership of your clients and license them to Bright. However, for certain businesses, once we have worked with you and built up a relationship, we could be prepared to make you an offer to purchase your business.
Q. In what are particularly difficult times for IFAs, how do you manage to make a profit?A. Our business is dedicated to working with IFAs wishing to retire. It is our sole business purpose. Over the last five years, we have been developing our business model and systems to ensure that we can add value to our clients, Bright, and last but not least, you. By adopting a systematic and professional approach to client advice and servicing, we run a profitable business.
Q. A significant amount of my renewal income is concentrated around a few clients. How is this secured? A. Prior to joining Bright, you will be introduced to the registered individual responsible for your account. This person will work with you to ensure the handover of these clients is achieved as smoothly as possible. Like most facets of business life, the 80:20 rule applies. It is key to the success of the relationship that we work with you to secure the 20% of your clients that account for 80% of your renewal income.
Q. How do you deal with the 80% of my clients that account for 20% of my renewal?A. When the data is signed off and agreed, we have procedures in place to search the data and identify opportunities to write business. These opportunities are followed up, and are complemented by our introductory letter to clients.
Q. My business is in a remote geographic location. How will you service my clients? A. Our business currently services clients of IFAs from the South Coast to the North of England. It is obviously not possible to have registered individuals in every location, but we have considerable experience of working with IFAs based in remote locations. It is surprising how efficiently you can use your time when visiting a remote location. Invariably, we put aside one or two days a month to service these clients and plan a high number of client calls in these days.
Q. I notice from the IFA Retirement Solutions page on your website that I retain ownership of the clients and they are licensed to Bright. What happens, if the relationship does not work? A. The contract that underpins the relationship was drawn up by a UK top ten legal practice. This agreement confers rights to both parties. We accept, that unfortunately not all business relationships work as smoothly as we would like, and therefore both parties have the right to terminate the agreement giving the other party three months notice. This clause is there to protect both parties, to provide you with the comfort that if things do not work out, you can always license or sell you clients to another IFA.
Q. Do you undertake occupational pension transfers and draw down business? A. Yes we undertake all aspects of this work.
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