Frequently Asked Questions

Authorisation

I am a Tied/Multi Tied Adviser and I am considering becoming an IFA/IMA. What are your entry criteria?

In order to be able to join us, you will need to meet our five pillars of entry criteria namely;

1.  Relevant qualifications;

We would expect you to possess the full Financial Planning Certificate/CEMAP or other equivalent qualifications as a minimum depending on your role. It may also be necessary for you to possess additional qualifications if you work within a higher calibre specialist market such as in Equity Release, and Inter-regime Pension Transfer.

2.  Relevant industry experience;

You should also have a minimum of one year relevant experience within the last 24 months. However, if you are looking to set up as a firm and become the principal of an Appointed Representative firm, you must have two years relevant experience, within the last four years, in a financial services environment.

3.  Acceptable key performance indicators;

We would expect you to be able to demonstrate acceptable standards have been achieved in the key areas of business persistency, complaints, product and provider spread, and use of execution only.

4.  Good business ethics;

We would expect you to be able to demonstrate the ability to run your business both profitably, responsibly and ethically and have a business turnover that would not be lower than £50,000 p.a per regulated individual.

5.  Be financial fit and proper;

You must be able to demonstrate that you are a "fit and proper" person to be a financial adviser, as determined by our Regulator. Matters such as criminal conviction, suspension or termination by your present firm, bankruptcy or county court judgments (CCJ) may prevent us from being able to appoint you.

How long will it take to get me authorised and to be able to write business?

Normally, we are able to authorise applicants within 3 to 5 weeks from submitting a full application to us although this often depends on the quality of completion of the application, how many references we have to take, how quickly references are returned to us and what issues arise from the references. If the application is straightforward authorisation may be quicker. Our record is two weeks!

Will you contact my current firm for a reference before I join you?

We will not normally contact your current firm for a reference until you have resigned your position and left them to join us. We will always seek your approval before we contact your current firm. This will normally take place when we appoint you.

Do you offer any assistance with the application process?

Our Recruitment Managers and Authorisation Department staff will always assist applicants in the completion of their application forms to ensure that there is a minimum delay in getting you on board. A checklist will be provided at the outset so that you are well briefed as to what is required.

Are you just a Network or do you offer other options?

You can join us in one of three ways namely as an adviser of Mint Financial Services Ltd, as a sole trader trading under your own identity/brand name or as a large adviser firm trading under your own identity as an appointed representative. The choice is up to you.

We are open to discussion on two other options if you are currently directly authorised (or are in the process of applying for direct authorisation) – 1) as a support service organisation with technology as the driver, or 2) as an IT solution to the running of your business in a paperless environment.

I’m unsure whether I should be set up as a Registered Individual or as an Appointed Representative. Can you offer guidance on this?

Our staff would be delighted to discuss your business objectives as well as the technical differences between these two routes with you as well as which of the two options will best serve your interest.

When I have decided to join you, do I have to attend an Induction Course? If so, what is involved in this and how long is the course?

It is an FSA requirement that all Approved Persons must follow a process to validate their competency. We also believe that it is in our mutual interest to attend a focused course where you can learn about our procedures and processes. Our induction course is an enjoyable experience (because we have mastered the art of what makes people learn most effectively) which helps you to lay a solid foundation for your future career with us. It is enjoyable because we have mastered the art of what makes people learn most effectively.

The Induction Course is a three-day residential course and covers a range of subject matters including, an overview of our Compliance procedures, T & C Scheme, Anti Money Laundering regulations, validation of on the job knowledge and skills, technology familiarisation, administrative procedure and product support.

Post Authorisation

How long will it be before I receive my first commissions/fees once I have been authorised and submitted business?

Once received from product providers, we pay commissions on a weekly basis by BACS on a Wednesday, which means that the money should be in your account by the Friday. The time that it takes for the life offices to underwrite business, and issue commissions, varies from office to office and can also varies from product to product. As you must already know products which require no medical underwriting such as investments and pensions can be quick payers whilst mortgages and protection can be prolonged. Most providers pay commissions to us on a weekly basis.

For purposes of effective business planning, we strongly recommend that you organise sufficient financial support to see you through your first month post authorisation. This should be included in your cash flow forecast.

Would you accept transfer of my past agencies form my current company?

Consideration can be given to transferring your past agencies under what is known as a “novational agreement”. If you will like us to help you with this, please discuss this with your designated Recruitment Manager as soon as possible.

My current company has told me that I would need to have a run-off professional indemnity insurance cover for my past business. Do you offer this?

We can assist you with an effective and compliant yearly policy through our own insurers however; premiums for the run-of cover will have to be paid by you.

Will I be able to keep my existing clients when I leave my present company?

Whether you are able to retain your existing clients when you leave your present firm does depend on the terms of your contract of agency as well as on any supplementary agreement entered into on your termination. Our experience has shown that in practice, clients are free to choose whichever adviser they wish. In reality, no one "owns" a client although ownership from a contractual position between you and your firm is an important one which may need to be managed carefully. However, experience has shown contractual restrictions on clients contact is rarely a problem and most advisers often continue lasting ongoing business relationship with their clients without difficulties.

As our industry is a small place, it is always wise to move on good terms if at all possible. This may mean amongst other things honouring existing contract terms such as an obligation not to contact clients during the notice period. It is equally wise to always act beyond reproach when contacting clients with whom you may have had a relationship under your old firm.

What notice period do I have to give if I want to leave your Network?

As stipulated in our contract of agency, you will only need to give us one month’s notice. There is no minimum amount of time you have to stay with us and it is also often possible for us to agree to release you sooner, if appropriate.

Financials

How much do you charge on my business?

We believe firmly that joining a network is not simply a matter of who is the cheapest. It is ultimately about what value you get for your money. Whilst many networks make charges to their membership in three key ways namely; monthly fees, plus a percentage of turnover plus regular and/or one-off charges for ancillary support services, we have a simple and transparent retention structure. Our retention rate is a simple percentage of your turnover ranging from 30% down to 5% depending on the structure and size of your business both in terms of turnover and the number of advisers within it. With us, there are no hidden charges and no nasty shocks. In fact, within our retention rate, we also pay for your PI insurance, FSA fees, FOS fees, ICS levy, business equipment by way of a state of the art laptop note book computer, a paperless business process and back office system, 24/7 IT Support and many more……

In short, we will offer to you a differentiated approach where technology and human interface combine to provide a perfect marriage of old and new approaches to the art of Customer Relationship Management.

You will also have the opportunity to share in our success through our valuable share option scheme.

Why is your retention rate so competitive?

We use the power and leverage of technology to keep the cost of running our business down to the point that we have one of the lowest expense ratios in our sector and we pass the savings straight to our membership. It’s that simple. Furthermore, we do not have to maintain legacy systems and baggage carried by many of our competitors.

Do you have minimum performance standard or targets?

We do not set performance targets for our members. However; we do expect each of our members to pull their weight and pay their way for the market-leading proposition and support that we provide to them. We will discuss full details of this with you when you speak with one of our Recruitment Managers.

I have heard that many Networks and National IFA/IMA firms are unprofitable. Are you?

We are delighted to confirm that although we have traded for less that half a decade, we have reported a net profit in our profit & loss account for each year that we have been trading and our profit margin gets bigger year on year.

Compliance

What compliance support can I expect?

As with all networks we have a responsibility to ensure that you are running your business responsibly within the framework of regulatory rules and that risks to investors is kept to a minimum. You will be allocated a T&C support person who will take the role of your supervisor. His/Her role is to ensure that you understand and are following the rules. He/she will offer guidance to you on an on-going basis. Our Business Quality Team and compliance department will also vet the quality of advice that you give to clients on an on-going basis and provide any development feedback, in line with the terms stipulated in our T&C scheme.

We also provide additional support such as continual professional development, supervision of any advisers within your firm, approval of all your business stationeries, a compliance helpdesk and technical support facility, regular regulatory updates and bulletins coded for clarity, level of importance and convenience and business development.

Do I have to send copy paper files to you?

As an IT driven company, we operate a paperless business process therefore we do not require you to send paper files to us. However, each case that you write together with all the relevant supporting documentation must be submitted to the network electronically. Fret not, it’s not difficult, and we would give you ample training to cope with that! You can also view your business online 24 hours a day, 7 days a week.

Can you confirm the amount of excess on your PI Insurance?

The core excess on our policy is £2,500. Higher levels of excess do apply to higher risk product areas such as mortgage endowments and pension transfer business. These are available on request

Do you operate a panel of product providers that I have to use?

As a truly independent and whole of market network, we do not operate a provider panel. It is our firm belief that the idea of a hand picked panel is contrary to the principle of independent financial advice and treating your customers fairly. You are therefore free to research, select and recommend to your clients whichever product or provider offers the best solution to match their needs. We do of course offer useful guidance documents and technology tools to assist you in this potential minefield.

Other points

Is there anything else I should know that you haven’t told me?

As an ethical and transparent potential partner for your business, we are committed to ensuring that you join us only after you have a full and sound understanding of our proposition and after you have had all of your questions answered to your complete satisfaction. Therefore if there is anything else you want to know that we have not covered here, please don’t worry. Our Recruitment Managers will answer all of your questions precisely and honestly. So don’t waste time, please contact us NOW!