Getting Started – Independent Contracting
Becoming an Independent Contractor with RJIS is an exciting and rewarding opportunity to start your business or take your business to another level, with the benefit and peace of mind of our established middle and back office support and compliance infrastructure. However, it is also a challenging and demanding task to create your own private client investment management business and as we know from our considerable experience in both the US and UK markets, there are some critical issues that you must consider.
Phase One
There are five phases. First and foremost, it is important that you have had the opportunity to meet with RJIS Business Development so that we may fully understand your specific needs. We are happy to meet with you at a time and location to suit your requirements, for a confidential discussion and presentation of our systems.
Phase Two
Once we are both satisfied that there is sufficient common ground to take things forward, you will need to consider the implications of resigning from your current employer, if applicable, and put together a broad based business plan, comprising at least:
- Timescale from resignation to live status with RJIS, including any business partners, associates or employees, with due consideration of any garden leave requirements
- Expected charging structure to clients, with a breakdown of fees and commissions, to produce projected gross revenue and assets under management by the end of the first 1, 2 & 3 years of operation
- Preferred business location, premises and trading style
- Outline of investment services and related infrastructure requirements
Phase Three
Having compiled a business plan, we will require some additional information from you in order to complete our own due diligence and appraisal of your business. In particular we will ask you to complete an Appraisal Questionnaire, providing detailed information about your business mix, expected growth plans as well as experience and qualifications. When appropriate, the Director of Relationship Management and Business Support is introduced to address any questions regarding RJIS’ services and support as well as contractual queries.
As part of this exercise, we spend time reviewing the logistical and operational challenges of moving your established client base and associated assets onto our platform.
Phase Four
FSA application process, relevant to our Independent Contracting and Professional Partner business models. We will ask you to complete our checklist items, including an FSA Form A, (application to perform controlled functions under the approved persons regime), and provide evidence of your experience, qualifications and Continuing Professional Development (CPD) records as well as other required documentation.
Phase Five
Finally, once we are both clearly committed and ready to proceed, a Service Level Agreement will be presented for review and when you are ready, execution. This document will set out all charges, indemnities and obligations of the parties, including the rights for severance and termination. A specimen copy is available for review, when necessary. Once signed, the formal Transition process can begin.