The path from financial planner at a big bank to self-employed adviser is an increasingly common one in the industry these days.
Many planners, at a certain stage of their career, start to think about working for themselves. They want greater autonomy and they like the idea of being able to push their own barrow and prosecute their own agenda.
Andrew Collis reached this stage after four years of working in the financial planning division of an Australian bank.
“I could see how things could be done better and I wanted to spend more time with the clients,” Collis says. “I wanted to develop a more considered strategy for the clients’ affairs, and I very much wanted to create an environment where I could build quality relationships.”
Collis left the bank and started Prospero Financial Planning about 16 years ago.
He says anyone thinking of leaving a larger institution to start their own agency should bear a few things in mind.
“Leaving to go out on your own requires a certain amount of capital,” he notes. “You need to have a bit of money set aside and then you need to realise that you may not be as financially secure as you were in the past, at least not in the beginning.”
Then you need to look at where you can fit your business into the marketplace.
“Do you have the confidence that you can do better than the way the institution you’re at now is running things?,” Collis asks. “Is there a niche in the market you can fill?”
Collis says clients are increasingly looking for a more tailored and strategic approach to their financial affairs, which puts a lot of self-employed people in a good position.
“One of the best things about being a planner, or doing my job, is that my clients are [varied],” he says. “They have quite complex financial needs, so it’s always stimulating for us and there is a lot of variety. And we’re always surveying to make sure we give them what they need.”
An unintended adventure
Like many planners, Collis never set out to become one. He was born in Wales and was working in banking in the UK when he and his partner decided to quit their jobs to go travelling in their early 20s.
They came to Melbourne and never got any further. It was February and the couple were seduced by the heat and friendliness of the people. That was 20 years ago. Collis has clocked up a few achievements in the Australian planning industry since.
He is especially proud of his Certified Financial Planner qualification.
“I think it has a very good standing internationally and I like further study and do a lot of it,” he says. “It’s also good to be tested against your peers.”
Collis envisions more boutique companies emerging in the coming years, as the influence of the big dealer groups wanes.
But he advises those going out alone to keep their clients’ needs at the front of their minds – and sometimes this means being the bad cop.
“I think it is important to be honest with your clients. Be prepared to produce a forum that tests their thinking,” he says. “When you hear something that is not in their best interests, you need to tell them. Pulling a client back into line and creating a discussion is very much part of the job.”
NOTE: This article has been amended on May 1 to clarify that Prospero Financial Planning is licensed through the Financial Wisdom dealer group and is not an independent AFSL holder.
| Andrew Collis
Name of Firm: Prospero Financial Planning Name of licensee: Financial Wisdom Time in the industry (previous roles): Nearly 20 years in financial planning; previously worked in the banking industry Academic qualifications: Diploma of Financial Planning Accreditations: Certified Financial Planner. Professional association memberships: Member of the Financial Planning Association and Self-managed Superannuation Fund Association Other memberships: Most Trusted Adviser network and FPA Professional Practice |
