The SimplyBiz Group, which provides directly authorised advisers with compliance and business support services, now has 2500 firms and an estimated 6000 advisers.
Group Joint Managing Director Matt Timmins points to a recent influx of IFA’s moving away from networks, coupled with a real desire to be directly authorised, which has boosted their numbers.
Timmins said: “It’s been a challenging start to the year for advisers, especially with regards to compliance and regulation.
“The first quarter of 2015 saw as many regulatory consultation papers and pieces of finalised guidance from the FCA as the whole of 2014. In addition, the realities of pension freedom, auto enrolment and preparation for the sunset clause mean that advisers have a lot on their collective shoulders at the moment.
“Rather than just hunkering down and waiting for the regulatory load to lighten, many advisers instead seem to be taking this as an opportunity to make sure they have the right compliance support in place. The partner they choose to provide their compliance and business support needs to be reliable, robust and committed to investing in their proposition as the needs of advisers continue to evolve.
“Compliance is at the core of everything we do at the SimplyBiz Group and will remain there. However, I think the major reason for our recruitment and retention numbers remaining so strong in 2015 is because of the freedom and choice we offer to the firms who use our services. Advisers who opt for direct authorisation do so because they want the independence that comes with choosing how to operate their own business in the way that best suits their clients; SimplyBiz Group is there to support them in those choices and help them remain compliant, successful and profitable.”