Recently I caught up with Dorian Squires, investment manager at Compass Independent Financial Services in Blofield, just outside Norwich.
It’s a very pretty part of the Norfolk countryside and my taxi driver insisted the Compass IFS offices were once a doctor’s surgery, built, as it happens, by his own fair hands. Squires confirmed his office was in fact a surgery, which explained the cavernous entrance room and warren-like corridors.
Squires was taking part in our new online video series, Adviser Top Test, and he spoke confidently about how to leave a network. Compass became directly authorised on 3 January this year, having left the network Sesame in December 2011.
Firms looking to leave a network must be aware of their cashflow, said Squires, who attributed his company’s successful transition to immaculate book-keeping, a discipline instilled by the firm’s managing director John Hughes.
Now that the firm has settled well into its groove of being directly authorised, Squires said he was looking to expand and lower the average age of advisers in the company.
‘We’re looking to hire younger advisers,’ Squires said. ‘But it’s hard to come up with a realistic package for people coming out of banking and bancassurance.’
This reminded me of an article we ran about the pros and cons of hiring ex-bank advisers: while they can bring youth and potential, their expectations may need to be managed.