Advisers can help influence the decisions being made by providers by demonstrating an understanding of the change and a commitment to working together to achieve the best outcome.
By having a plan in place, the advisory firm can not only help the provider understand what level of support is needed, but can also go a long way to ensuring any consolidation exercise is navigated with the minimum disruption to the adviser’s business, and the best possible customer outcome.
A sound approach to research and due diligence will underpin this process, but the success of the plan will come down to communication between the adviser firm and the provider.
Providing both parties recognise this, and take steps to ensure the communication lines are stronger than ever, the customer outcome as a result of a consolidation might not be as bad as you might initially fear.
Mike Barrett is consultancy director of The Lang Cat
