Richard Adams: Don’t forget other revenue streams

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Mortgages should not be pursued to the detriment of other sectors that could give considerable reward for far less effort

One of the great conundrums of business life is why some firms are more successful than others. With so many active in the same field, what are the defining lines that separate them?

Part of our job as a network is to try to uncover the secrets of our most successful authorised representative firms and open them up to others. That is what we did at our recent annual conference.

I am a great believer in learning from the best, taking that knowledge back to your business and reinterpreting it.

I am also a believer in being open to ideas that may contradict what I have believed throughout my entire career.

Take, for instance, one of our AR business owners who, when talking about the opportunity in protection advice, said there was no future in doing only mortgages.

Now, for long-in-the-tooth mortgage advisers this may seem a step too far. After all, many have made a very decent living from mortgage advice for a number of years.

But how do certain firms compare to such a business? A business dedicated to the mortgage market but equally dedicated to the opportunities that exist in protection, general insurance, conveyancing and wills. With such a commitment across many product sectors, is that firm not giving itself the best chance of success?

The mortgage part is obviously important but it should not be pursued to the detriment of other sectors that could give considerable reward for far less effort.

Call it the ‘Mortgage plus…’ approach and make sure you diversify into all those areas to the maximum degree.

Richard Adams is managing director of Stonebridge Group