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Will your practice, clients and loved-ones be taken care of when you’re no longer able to?

Using Stringfellow as your succession plan partners, maximises the value of your book and provides you with an income for life!

Unfortunate truth about Succession Planning in South Africa

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Only 40% of SA’s Financial Advisors have a Succession Plan

If you are one of the 40% of advisors with a succession plan, ask yourself:

  • Is it executable?
  • Is it linked to actual business value?
  • Has the business been independently evaluated?
  • What will happen to your family and clients if you pass on?
  • Are you nearing retirement?

What are your Succession Planning Options 

A legal agreement that ensures that your business continues after your passing within an arranged environment that has been preapproved and negotiated to provide a smooth transition where beneficiaries benefit.

This basically acts as a buy and sell agreement that comes into effect on death or disability.

Advantages:

  • You get to do a due diligence of your successor while you’re alive
  • Smoother transition, avoiding erosion of your book
  • Buying price is pre-negotiated
  • You meet FIAS requirements
  • Your beneficiaries are listed and will receive financial support for a preapproved period
A business agreement/contract that ring fences clients, through which you’re able to extend your business offering with specific services and products (that you do not qualify for in terms of your license) as agreed upon.

This also adds revenue to your business or yourself

Advantages:

  • Additional source of income
  • Additional services offered to your clients (value add)
  • Reduced risk of losing clients to other advisors
  • Access to more potential clients
Moving your business under another umbrella of a larger independent company.

This takes away all of the administration and compliance constraints, minimises your liability, adds value to your clients and frees up your time to do what you love most.

Advantages:

  • You decide on your level of involvement
  • Continued source of income
  • Less time wasted on admin
  • You can focus on growing your book

Why should you consider Succession Planning

Death & Disability – It makes sure your practice is taken care of when the worst happens

Without an executable succession plan, your loved-ones will not only have to deal with a loss but also deal with managing your practice without the necessary technical understanding. In a worst case scenario, you may become mentally or physically disabled, a succession plan will be the difference between being able to provide for your family and being a burden that adds to the living cost and medical expenses.

Retirement – Providing you with an income while you enjoy your golden years

You’ve spent your life building a practice and have earned your rest, to say the least, by implementing a proper succession plan your book will continue to provide for you and your loved-ones without you raising a finger.

Lower profitability due to higher costs

The cost of admin-salaries, office space and internet lines are always increasing, putting pressure on you to optimise your business practice, but by focusing your time on running the business you’re wasting time that could have been spent servicing clients and growing your book, which is how your practice generates income.

Compliance restraints and costs on business

Compliance and legislation requirements are constantly growing, which means the scope of the FSB continues to increase and to fulfil their mandate the costs increase, something that has to be carried by the advisor. This leads to FSB fees increasing annually, putting more strain on individual practices from a cost perspective.

True independence is becoming difficult

More and more pressure is being applied to small independent practices by virtue of the fact that the time allocated to compliance and other business issues has increased. The other threat to true independence is that the various platforms or institutions are applying more pressure to use their platforms through the minimum investments or other criteria. If this is not met and sustained you can be met by threats of your codes being closed

Why Stringfellow is the best option

Investment Committee

With compliance requirements becoming more-and-more extensive it is imperative that you’re able to prove why you made the investment for your client. Unlike other practices, Stringfellow leverages off and provides access to, an award-winning investment committee that oversees the investments of billions of Rands and provides Quarterly Reports on global trends and investment opportunities.

 

Extensive Support Team

Too often financial advisors spend the majority of their time servicing their existing book and lose out on potential clients that they do not have the capacity to see. Our in-house support team takes care of scheduling of meetings and processing of policies so you can focus on what is important to you, whether it is growing your book or relaxing on the beach.

Robust Systems

We use industry-leading platforms as well as our customised systems to ensure that all clients are taken care of and any requirements resolved as soon as possible. Depending on your chosen level of involvement the system also allows specific clients to be ring-fenced, so you can maintain and grow the relationships which are the most important to you.

Continued Communication & Marketing

Our dedicated marketing department will ensure your clients are kept in the loop about:

  • Local and international market shifts/events
  • Products and/or industry events that can benefit them
  • Your business’ achievements and growth with the Stringfellow team

Shifting my client book over to Stringfellow has given me the opportunity to service an ever-increasing client demand and expand further than I had ever hoped. The transition was simple, with full support from the team and I’ve got access to a great administration department who assist with admin, leads, and bookings. In addition I now run regular campaigns through Stringfellow’s dedicated marketing services and I’ve been able to grow my book.

I’m now able to focus on what I’m best at (sales) and would recommend Stringfellow to all advisors!

John Holder

Director, Stringfellow Advisory Services

How to start the process 

Add your details below and we will soon be in contact:

 

If you would rather Join Stringfellow Advisory Services, please review this page and submit your CV

Address

Fancourt Office Park
Northumberland Avenue & Felstead Road
North Riding

Telephone

010 007 0074

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