Challenging times for IFA owners
.......A note of concern for us all,
As the head of a growing IFA network, offering solutions to firms servicing expats, I share in the despair on what has happened to each firm’s AUM and the recurring income arising from it. We are all this together - with future revenues down by 25%+ already. This is the revenue most of us use to pay for admin. Once again, it is those firms on their own (not being a part of a network or co-operative) who will be hit the hardest.
And new business prospects also look bleak in the short term.
And things may get worse.
This is the time when both clients and the owners of advisory firms can easily become defensive. As with the sharemarket, instead of "selling" there are always opportunities in a bear market. In this case, it may be the opportunity to join a network, merge with another company or otherwise be acquired (the third one not being so desirable because the business value will have reduced). We must all focus on reducing our costs and putting more resources into further lifting recurring, fee-based revenue from our remaining AUM.
There are opportunities out there - we need to find them.
If you are open to a discussion I suggest now is a good time to look at options.
For more information email Phil Neilson at firstname.lastname@example.org