FYG Planners notes the recent comments in IFA “Are One Man Bands Going Extinct” 10 Feb, 2021.
In contrast to the comments made regarding the viability of single adviser practices, this is not, and has not been the experience FYG Planners have had with single adviser practices.
FYG Planners Managing Director, Peter Mancell suggests that in addition to single adviser practice success seen at FYG Planners, there’s no expectation that single practices will be any less viable going forward.
“In 20 years we have had really great experiences helping single adviser practices and we expect that to continue into the future.” Mr Mancell said.
“There have been some really good single adviser success stories at FYG, particularly in regional areas, and we’re really pleased we’ve been able to help them grow and serve a client base outside the capitals.”
Commenting on the article, FYG General Manager Andrew Wootton suggested that it’s really a matter of support and having the right processes in place.
“We’ve found with the right amount of technology, compliance and a robust investment philosophy, it does lower the barrier for servicing single adviser practices.” Mr Wootton said.
“Obviously costs are a factor at the moment for everyone, that’s part of the challenge, but we don’t have any single advisers who aren’t sustainable.”
“It’s important to continue to support single advisers to build and run their ideal practices and we think we’ll continue to be a part of that going forward.” Mr Mancell added.
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