Gauntlet Group Shakes Up the Appointed Representative Model
- Unique new programme offers third compelling entry route into life as a self-employed broker
The Gauntlet Group Appointed Representative network is continuing to dynamically spearhead the local broker renaissance, with the launch of a unique third route into life as an Appointed Representative, for those wishing to prosper as an independent broker within the UK insurance market.
Gauntlet has created Gauntlet Brokerage Builder – a groundbreaking option for talented account executives wishing to start their own insurance brokerage but lacking the financial security or confidence to currently do so.
Gauntlet Brokerage Builder is the answer many account executives have sought for many years, as they have considered whether they could possibly make it as a start-up broker and survive in their first year of trading.
“Gauntlet Brokerage Builder is the option many account execs have been crying out for”, says Gauntlet’s managing director, Roger Gaunt. “It puts a completely new spin on the traditional route into life as a self-employed broker and should lead to the very best talent entering the insurance market as local and niche brokers.
“It completely removes the barriers to entry that have existed for many talented account execs with responsibilities and family commitments to consider. We see it as a game-changer.”
Gauntlet Brokerage Builder is a 22-month programme for which any talented account executive, who believes they have what it takes to build their own brokerage, can apply.
Rather than following the standard route of instantly becoming an Appointed Representative and having to struggle to build a business whilst under covenant, the account executive joins Gauntlet on an employed basis, as a Broking Partner Designate.
Whilst in this role, they can access 22 months of help in getting their business plan, client base and sales and marketing tactics in place and can test the waters of self-employment, to assess whether it would suit.
“We are describing this as ‘try before you fly’,” says Roger Gaunt. “It’s a win-win for both us and the account exec. They can get their business up and running before actually becoming self-employed and we can hone our future AR broker partners, giving them the best possible chance of success once they do become Appointed Representatives of Gauntlet Group.”
The Gauntlet Appointed Representative Network management team and Gauntlet’s direct insurance sales team will together mentor Gauntlet Brokerage Builder programme entrants. Their support and expertise will help the prospective start-up broker progress to a stage where they are market-ready, after the 22 months has been completed.
On the way, the Broking Partner Designate has to hit set income generation targets and other milestones, proving they have what it takes to become self-sufficient in income generation terms. Achieving some milestones will also assure Gauntlet that the candidate can do more than just ‘sell’ and has other abilities required of someone running their own business.
If all targets and milestones are met, the candidate will be offered an Appointed Representative opportunity with Gauntlet Group at the end of the 22 months.
“No other network can offer an account executive this opportunity,” says Gaunt, “because they do not have the direct sales team to make it work. We have leveraged our unique selling point as a network in order to create this opportunity and have already attracted our first Broking Partner Designate.”
That first recruit will be one of the first cohort of account executives, who will join the programme between now and September and be based in Gauntlet’s Leeds head office.
The second tranche of account executives will join in January/February 2024 and will be able to elect to work from home, receiving support remotely. Should they wish, however, they too can work from Leeds.
Applications from account executives wanting to take up this unique means of starting their own brokerage in under 2 years are already open, for both tranches 1 and 2.
“Gauntlet Brokerage Builder has shaken up the Appointed Representative model and will allow us to drive the local broker renaissance to the next level,” says Gaunt. “We look forward to helping the very best talent within insurance sales realize their dream of becoming their own boss, no matter what their circumstances. Through Gauntlet Brokerage Builder, we are levelling the playing field and allowing the AR opportunity to be accessible to all.”
Gauntlet Brokerage Builder is the second major initiative Gauntlet has introduced within the Appointed Representative sphere. In 2021, it also developed the now thriving Gauntlet De-authorisation Fast-track (GDF) process, working with the FCA to ensure that directly authorised brokers could de-authorise and become Appointed Representatives, in a completely compliant way.
This initiative has been a godsend for smaller local brokers ‘ghosted’ by the insurance sector and deprived of insurer agencies and other support. Those who have deauthorised and joined Gauntlet have reported significant advantages, including less stress, higher income, access to top-quality Acturis IT and PI insurance, the opportunity to take holidays and time off, and the removal of accounting and compliance reporting pressures.
“We fully believe in local brokers and are confident that we can turn the tide on consolidation, giving clients the better service and advice that they require,” says Gaunt. “Gauntlet Brokerage Builder is another demonstration of a belief in solid, traditional broking that has the compelling twist and added value of being backed by Gauntlet’s first-class buying power.”
More information about Gauntlet Brokerage Builder can be found here – https://gauntletenterprise.com/gauntlet-brokerage-builder/