The path to becoming self-licensed is wide and varied for many advisory practices. Some have become disenfranchised with their group, or feel that there are too many obstacles in the way of providing efficient, quality financial advice.

The lure of having greater control, certainty and autonomy leads many businesses to consider acquiring their own financial services license. After all, who wouldn’t want to be in control of their own destiny? These decisions can take some time to make and often are considered for years by practice owners.

The exit of the big banks from wealth management has accelerated the need for many practices to take their first steps towards becoming self-licensed. Many advice practices moved to their latest licensee in a rush, and are just beginning to reflect on and consider their move, realising that their new home may not align with their future plans and desire for control and autonomy.

Considering becoming self-licensed can become a significant distraction for many, with the demands of their financial advice practice sitting to one side as they plan for their new independent future. 

During these times connecting with experienced licensee service groups such as Lifespan Partnership can provide a vital sounding board and insight into the key considerations that practice owners need to make in the journey towards becoming self-licensed.

It is very hard to go through this transformation alone, so it is important for practice owners to lean on their network to guide them in terms of where they can access the resources and support that match exactly what they are seeking to create.

Establishing and managing an AFSL is by no means easy. It requires grit, patience and a clearly defined plan, one that is flexible, agile and capable of evolving with a practice. It is critically important that advice firms do their research and understand what is really important to them.

For Victorian practice owners currently in the midst of the lockdown disruption, we understand that now might not be the right time to make major decisions regarding the future of your firm. However, it is a good time to reflect on and consider your passion and desire for the future, which will help put your priorities into perspective.

If you are interested in finding out more about how we can help, or to discuss your own experience, I am very happy to listen.

Jill Tunkin represents Lifespan Partnership, a support service provider to AFSL holders, or those wanting to take up the challenge and obtain their own AFSL.

Address

Level 23, 25 Bligh Street
SYDNEY NSW 2000

Phone

(02) 9042 5533
Jill Tunkin – 0419 254 551