Benjamin Beck Urges Advisers to Hold 24 Months of Reserves Before Going Self-Employed
Updated
Updated · Money Marketing · Aug 24
Benjamin Beck Urges Advisers to Hold 24 Months of Reserves Before Going Self-Employed
1 articles · Updated · Money Marketing · Aug 24
Summary
24 months of personal and business expenses is the reserve Benjamin Beck says advisers should hold before moving into self-employment, citing the jump from predictable salary to uneven income.
Beck says the hardest part is not advising clients but running the business around it—lead generation, budgeting, branding, technology, compliance and setting a viable charging structure.
Network membership can ease that burden with infrastructure and support, but he warns fees, software, paraplanning and administration still have to be funded by the business.
Self-employment has given him more control over the full client journey and stronger peer support through adviser communities, though he says the mental load and uncertain start are often underestimated.
Beck adds that restrictive covenants, client-ownership terms and some advisers' eventual return to employment show the move is broader than simply leaving a firm and joining a network.