Financial Planning consultant

Directly authorised for me. Networks are a model in decline and you are measured by the lowest common denominator. I used to use a network and wish I had moved Directly Authorised earlier than I did. There is more work in year 1 as you get things set up but that is really only year 1 stuff. After that, the workload is fairly straightforward. Cost savings are significant over network. Plus, you can be an IFA. Whereas most networks have moved or are moving to restricted.

Being directly authorised has the same requirements as an adviser as being with a network. Except you get to interpret the guidelines and work to your own compliance standards (usually with guidance and support from third party compliance companies such as Bankhall or Simply Biz or others). The network has to set its rules based on the lowest common denominator, their own systems and ability to control and what risks it wants to take or what risks it perceives. You get none of that when DA. For example, in general, Networks are scared of drawdown and put in many barriers or hoops to jump through. Some networks make it so difficult that you cant really do it cost efficiently. Not an issue with DA.

Everything else is the same. You have your factfind, research, suit reports etc but you choose the software, research companies and everything else. The process is little different to being with a network.

Intrinsic like you to use their own funds on their own platform. You dont get any of that pressure and you can go back to giving best advice rather than provider influenced advice.

If you believe you are technical adviser wanting to give best advice then go directly authorised. If you need hand holding and prefer simple packaged options then stick with a network. You do need to have more business understanding and commitment to be directly authorised as you are not spoon fed like network advisers. DA advisers significantly outnumber network advisers nowadays.

bestreviews wrote: »

Hi Dunstonh

Any network you advise to choose with better rates i dont mind staying as restricted

I would never use a network again. They all have issues. I can't realistically tell you which is best because I don't have any confidence in any network.