Once these good habits are instilled, they will last a lifetime.
FTA: Do you think professional connections are important for an advice business?
MC: They certainly have a part to play. We partner up with a number of local, like-minded businesses, including solicitors and accountants, whose client books we can help with their financial planning needs.
FTA: What is your advice to an adviser looking to start their own business in the current climate?
MC: Heightened regulation and the move over the past 20 years from initial commission to ongoing fees has made starting a small IFA business from scratch extremely challenging.
At Lumin we provide a home for smaller IFA businesses that have tried this route but are struggling with the administrative burden that running a financial advice company entails.
carmen.reichman@ft.com
