How Directly Authorised Brokers Can Offload Their Stress
Life as an insurance broker may not appear too stressful. It’s not firefighting, after all. However, for many directly authorised brokers, often trying to provide broking services to their local community as local insurance brokers, life in their insurance brokerage is all about fire-fighting.
For many smaller directly authorised brokers, a huge amount of time has to be devoted to red tape. Much of it takes the form of FCA questionnaires and reporting tasks, the number of which seems to have grown like Topsy. On top of that, there can be the red tape of health and safety and all that is expected of an employer in that regard.
Other things causing stress for directly authorised brokers
Then there’s the monthly accounting – a job few enjoy and just a chore that prevents a broker from handling client needs and actually doing any broking.
But, then again, trying to place client business has also become a burning issue, as many local brokers just can’t get agencies from insurers. They simply don’t have enough volume of business to access that benefit.
PI insurance, energy bills and tumbling pension funds
Some directly authorised brokers are also firefighting because they can’t get Professional Indemnity insurance or have seen their quotes for PI go through the roof. Other local brokers aren’t earning great commissions and are now facing soaring energy bills and other expenses within their office. Some know that without a slick, sales-focused IT system, they simply cannot compete effectively.
Those who have spent several decades in broking are now facing the further stress of having a pension fund that’s tumbling in value. Without extra income, more sales and higher commission rates, they have no idea how to fill the gap in their pension projections.
The stress-buster solution for directly authorised brokers
The good news is that some brokers have stopped firefighting. They’ve recognised there is another way to completely transform their broking business – becoming an appointed representative of Gauntlet Group. They’ve done their homework and have appreciated that Gauntlet has a long track-record as an appointed representative (AR) network and is ethical, transparent in how it works with ARs and wholly UK-owned.
They’ve also found out that Gauntlet is the only AR network that will offer them an easy exit route that will place their clients in safe hands, once the time is right. In most cases, an AR’s broking business can be bought by Gauntlet and, typically, it can be sold on to as great or as little an extent as the AR wants, depending on whether they desire a full retirement or wish to retain some client work.
These brokers have seen that Gauntlet is the champion of the local broker and is leading the renaissance of local brokers, by giving them added teeth. That comes in the form of solid insurer relationships, impressive buying power, slick Acturis IT systems that Gauntlet is tailoring to its network’s needs and PI insurance.
They have also learned how Gauntlet De-authorisation Fast-track can take them from broking misery, as a directly authorised broker, to a whole brave new world of broking, as an Appointed Representative, in just 8 weeks.
Gauntlet is giving these brokers a new lease of life, addressing every aspect of the stressful firefighting life they have endured for many years.
How to become a compliant de-authorised broker
Changing how you operate as a broker, and making the move from directly authorised broker to Appointed Representative, is relatively easy and Gauntlet has a full support team to help you to do it. Having taken other brokers through the process, they have it down to a fine art.
If you want to understand even further why this could be good for you, you can listen to Gauntlet’s managing director, Roger Gaunt, talk about broker de-authorisation and also hear the words of one of our de-authorised brokers, Yorkshire-based Roger Smith. Just listen here: https://bit.ly/3JFWxBe
Otherwise, you could download our booklet about de-authorisation from our resources page, here.
Brokers who relinquish direct authorisation, typically realise that they’ve been hanging on to that status for far too long. They usually wonder why they didn’t take the much easier option up sooner, to streamline their business, slash costs and boost their earning potential.
Gauntlet De-authorisation Fast-track (GDF) is one easy way to dump all the stress of being a local broker and instead become a super-charged broker, serving your community, your way, and with a proposition that is compelling. Just get in touch, by emailing NigelLaw@GauntletGroup.com if you wish to explore this stress-busting option.