'Hard slog for solo advisers'
Cecilia Farrow is the founder and executive director of Triplejump, a human capital risk specialist franchise turned software developer.
She started the firm in 2007.
Advisers in 2014 would find it very difficult to remain independent and carry the costs of compliance, marketing and any business expansion, she said. “You’re going to have to be a pretty special individual to build a business in this environment. Unless you’ve got a really distinguishable value proposition, this would be a hard market to be in.”
It was not feasible for most advisers to deal with a full range of providers and offer a wide range of products to clients because they would not get good enough remuneration terms, she said. Instead, they ended up focusing on one or two providers, which limited what they could then provide their customers.
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