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When
you’ve spent years of your life working hard to build up a successful
independent financial advisory service, offering sound advice to clients who
have come to trust, respect and rely on you, you may not feel you can simply
walk away when the time comes to retire.
The
Paramount Group offers a different alternative: ‘Stepping Out’ enables you to embrace
the freedom of retirement, perhaps earlier than you thought possible, do all
the things you’ve ever dreamed of, or even pursue a new career. The Paramount Stepping Out solution
guarantees you a monthly income from commissions/fees on any new business
written on your own loyal client base – leaving you free to enjoy the rewards
of your hard work.
Why Paramount?
Paramount is valued for providing pragmatic, practical,
no-nonsense advice to its rapidly growing client base. For us, there is no such thing as a typical
case - every client is treated as an individual with their own financial
priorities and concerns. And Managing Director Simon Jones will take personal
responsibility for ensuring a seamless handover, with advisers who are
available to attend meetings with you in the 12 months up to your retirement.
We
have a wealth of specialist divisions to cater for your clients’ varied needs,
such as:
-
Elements, the
independent financial service for women, by women.
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Independent
Medial Solutions (IMS) for medical professionals.
-
Finance in Divorce for people facing a
financial future on their own.
- Paramount
Mortgages for every aspect of house-buying, moving and remortgaging.
Paramount is passionate about empowering people financially,
and we will ensure your clients receive the same care and attention that first
made them loyal to you.
Stepping out in practice
- When a well regarded independent financial adviser based
in East Yorkshire decided to retire in late 2004, he passed his client base to Paramount. In total, including subsequent referrals, 40
clients have now been introduced.
As a result of some contractual issues, the retiring
IFA was not receiving any trail or fund-based commission from his clients. Consequently, he faced a retirement with no
prospect of ongoing earnings. Paramount
was able to turn this around for him.
The deal agreed was that the retiring IFA would receive 20% of all new
initial commission business written for his clients in perpetuity.
Between
October 2004 and August 2007, the following commission payments have been made:
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2004
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£4,300
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2005
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£10,192
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2007
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£8,248
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2007
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£6,597
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£29,337
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This
equates to a gross monthly pension of some £838.00
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A York-based IFA
decided, at the age of 61, that travelling from his base in York
to Huddersfield and Lancashire where many of
his clients were located was becoming too much.
Concerned that his valued client base should continue to receive the
same high levels of service that he has prided himself on, he passed them to
the Paramount Group. Here, he knew his
clients would be dealt with highly qualified advisers. He agreed all transfers with his clients in
advance, thus maintaining positive relationships, and now receives a 20%
introducer fee on all initial commission written. The IFA has been able to benefit from his
years of hard work, plus be reassured that his clients are in excellent hands,
with no travel or time costs. Overall, he could potentially reduce his workload
from five days to just three – with no negative impact on his income.
Work
for retired IFA clients is continuously in the pipeline, and there is no reason
to believe that this income stream should not continue for a long time to come.
We
discuss every case in detail and don’t believe in applying a blanket solution
to everyone. We will work with you to
achieve your own financial aims, allowing you as much or as little involvement
as you want as you step away from your business – secure in the knowledge your
clients are in good hands.
For
more information about the Paramount Group
Stepping Out programme, simply call Paramount Group on 01924 351000 or email
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