I’ve had many interesting conversations with people about the launch of my business. One of the most common is asking why I chose to be directly authorised rather than join a network.
I’ll be the first to admit that when I initially looked at the two options I did so from a naïve position. I’d never given much thought to what the differences really meant between being directly authorised or an appointed representative.
However, after meeting with Martin Stewart and Scott Thorpe, the directors of The Money Group, and liking what they had to say, I knew that it was the only choice for me.
Preparing the DA application gave me the time I needed to get fully acquainted with what it would mean for my company. This included compliance, accounting, websites, CRMs and, of course, the one thing none of us can escape: Covid-19. It was enough to make this financial services foal go grey and that’s even with all the support I received from TMG.
But the guidance I received was of such thoroughness and quality that I actually look forward to the FCA visiting me so I can show off my processes. And being able to get so involved with the setup of my CRM system has been an amazing experience. Neal Jannels and the One Mortgage System team really know their stuff.
And the wider support around me, and the industry experience this represents, means that my outlook regarding Covid-19 hasn’t swung too wildly between over-confidence and outright panic.
This brings me to my advice for anybody looking to go DA: use the team around you. I’ve been overwhelmed by just how big my team is – and not just from TMG.
They’re my starting point but, to my surprise, I found that I’ve been contacted by an astonishing number of people who don’t know me personally but have nevertheless offered best wishes and ideas about developing my business. As a DA I should be classed as a competitor, yet I’ve got local firms arranging coffee so we can all get to know each other. On paper we may be rivals, but it’s great to know that, as a new business, they don’t want to see me fail.
For anybody looking to go DA, other than realising how big your team is, my other big tip would be to do your research. Being DA isn’t restricted to one type of businesses and, in my experience so far, other brokers are only too happy to talk about their experiences and give advice. You can also book demos with CRMs and talk to the FCA about timescales for processes. On that note, talk to a compliance consultant as their input is invaluable.
In summing up, I’ll paraphrase Alice Deejay: You may be directly authorised, but you’re not alone.
