Offering appointments until 9pm has helped one adviser attract clients to his newly-launched firm, he said.
Aaron Tyson started Open Financial Advice in January after spending more than a decade as an adviser at Probitas Mortgages.
The career was one he fell into after studying literature at university, he told FT Adviser’s Coffee Corner series.
The 34-year-old thinks offering longer opening hours has given his firm, which is part of the Rosemount network, a unique selling point.
What made you want to set up your own firm?
“There is a lot of freedom having your own firm. I am naturally quite good with clients and that is the part of it I enjoy the most,” said Tyson.
He also enjoys other aspects of running the business, which he did not have experience with before, he said.
“I like the strategy of running the business, like the marketing and search engine optimisation,” said Tyson.
“Like, for my website I knew that I wanted to create something that uses imagery and colours that promote calmness and serenity.”
Is there an aspect of financial advice you focus on or anything you do differently?
“I wanted to do something quite broad, so I offer everything from advice on pensions and investments to looking into wills and trusts,” said Tyson. “I want to do the basics extremely well."
“I think there is a bit of a contrast between what people want in terms of value and what they are getting. Having a low-cost business model is what I wanted to implement, something that was going to be a challenge to the larger firms.”
From the start, Tyson set his operating hours from 9am-9pm Monday to Thursday and until 5pm on Fridays.
He said this has helped him to attract clients who otherwise found it hard to find the time for meetings.
He added: “If you speak to other financial advisers many would tell you their clients prefer evening meetings.
“In many cases people are so busy from nine to five, they just can’t switch off and a lot of people work through their lunch breaks so don’t have time in the day.
“They also may also want to do something later after they have put their children to bed.”
For the most part, Tyson conducts his meetings through video calls.
What would be your advice for someone wanting to start their own firm?
Tyson said keeping a work/life balance can be hard when you are working for yourself.
“There is a lot of freedom, but if you are ambitious you could find yourself working non-stop,” he said.
In the start Tyson said the most important part is working on getting new clients, so far he has around 60. As well as finding a niche that makes you stand out.
The 34-year-old also said it is vital to choose a network carefully, if you are going down the appointed representative route.
He added: “It might sound simple but you want to ensure you have plenty of runway, somewhere between six and 12 months of savings to get you through."
