Choosing a new licensee partner can often feel like you are on a 1980s dating show! You need to ask the right questions and get to know your potential partner before committing to what you hope will be a happy and content, long-term relationship.
In many ways, it can feel a lot easier and less traumatic to maintain the status quo and remain in what might be a stagnant and uninspiring relationship. But, then again, where has staying put got you so far?
Are you staying in your current licensee relationship because of fear of the unknown or a sense of dread regarding the disruption that change brings? With all the recent mergers and acquisitions, are you holding out, hoping for financial reward, or do you feel an overwhelming sense of loyalty to your current licensee and find it difficult to have the hard conversation? All these are perfectly understandable reasons to be reluctant to explore new opportunities.
“Change is inevitable. Growth is optional.” John C. Maxwell.
Nobody ever grows, standing still. Now could be the perfect time to research and discover the best partnership for you and your business.
Expect more!
Let’s be honest… Compliance, technology, research, and technical support are simply tickets to the game. Just as having a heartbeat, being human, and being available would be if you were looking for a new romantic partner!
Undertake a compatibility test.
Your first priority should be understanding if there is a strong cultural fit. Do your values align, and will your new partner provide you with the stability and guidance you seek? Do they understand and support you and your business to grow and thrive well into the future? Are there advisers in the group with experiences you can learn from, whom you can collaborate with, share ideas, and address common challenges?
The next priority should be to understand their governance philosophy. Have they got robust compliance processes that will protect you from the potential collateral damage of adviser misconduct?
Are they flexible and responsive when it comes to technology and financial products? Do they have a managed account solution that could help build efficiencies and streamline your advice process? Are they well-resourced to deliver on their promise to provide you with the support you need and deserve?
Finding your perfect match when it comes to changing licensees can be a challenge. Being clear on what is important to you in the relationship and having certainty that your values are well aligned should always be at the top of your list.
Could Lifespan Financial Planning be your perfect match? Contact us or download our information booklet here.
