Following ifa’s recent reporting on the large institutions culling single-adviser practices from their ranks, debate has been hot in the industry as to whether one-man bands can thrive in today’s advice market given the increasing compliance demands.

In this episode of The ifa Show, host Sarah Kendell is joined by Peter Mancell and Andrew Wootton from national advice group FYG Planners, and adviser Danny Maher from Fiducia Financial Advice, who ran a single-adviser business for a number of years before scaling up his practice recently.

Peter, Andrew and Danny unpack some of the myths about running an advice business solo and discuss what they think are the essential ingredients for success in a single-adviser practice. They also talk about why one-man bands may be best suited to boutique licensees and how advice groups can support their single-adviser practices to be more efficient and profitable.