Drive your business down the DA route

Last week was a bad week for network members. First, we learnt that Network Data had had its permissions removed by the Financial Services Authority and that Bluefin is closing its Thinc network and passing members to Sesame, although it subsequently transpired that some of them would not be accepted.

Readers of this column will already be aware of my passionate support for directly authorised financial advisers, but faced with the recent news I can’t see why any firm would want to pin its future to a network.

One of the success factors in running a business is the ability to control one’s destiny.

Most network members spend some time before they join one, assessing its culture, management and procedures so that they know they can prosper within the system.

So how does such due diligence fit in with inheriting a new parent overnight, without any say in the choice? It doesn’t.

There can be only one solution. Now is the time when firms should take back control of their business.

So consider being directly authorised – it might not be as difficult as you think.