Leaving Your IFA Firm to Go Independent with Estate Planning

You got into financial advice to help people. But working for an IFA firm often means something very different:

The employed IFA reality:

• •Revenue targets that prioritise the firm's growth over client outcomes
• •Pressure to recommend in-house products or preferred providers
• •Administrative burden that leaves little time for actual client work
• •Career progression that means becoming a manager (not a better advisor)
• •Salary caps or bonus structures that reward the firm more than you
• •Limited control over your schedule, your clients, or your approach
• •Knowledge that if you leave, you leave your client relationships behind

The numbers don't add up:

• •You generate £200,000+ in revenue for the firm
• •You take home £50,000-£80,000
• •The firm takes £100,000+ for "support" you could buy cheaper independently
• •Your clients think they're YOUR clients — but the firm owns them

The fear that keeps you there:

• •"I can't afford to start from scratch"
• •"I need FCA authorisation and that's expensive"
• •"My clients won't follow me"
• •"The firm has non-compete clauses"

The estate planning solution removes every one of these barriers:

• •Start with zero capital (free training, minimal setup costs)
• •No FCA authorisation needed
• •Build a NEW client base quickly (your skills transfer immediately)
• •Non-compete clauses rarely cover estate planning (different sector entirely)

You don't need to start another IFA firm. You need to start something better.

Many employed IFAs dream of going independent — but the costs and risks of starting your own IFA firm are daunting. Estate planning offers the independence without the headaches.

Starting your own IFA firm:

• •FCA authorisation: 6-12 months, £5,000+ in costs
• •Compliance infrastructure: £10,000-£30,000 setup
• •PI insurance: £3,000-£10,000/year (before you have clients)
• •Technology stack: £5,000-£15,000/year
• •Office space (often needed for FCA purposes): £5,000-£15,000/year
• •Initial capital requirement: £30,000-£80,000+
• •Time to first income: 6-12 months
• •Ongoing regulatory burden: significant

Starting an estate planning practice:

• •Training: FREE (Become an Estate Planner)
• •PI insurance: £300-£600/year
• •WILLO software: £150/month
• •Office space: work from home (clients prefer home visits anyway)
• •Initial capital requirement: under £1,000
• •Time to first income: 6-8 weeks
• •Ongoing regulatory burden: minimal

The lifestyle comparison:

• •IFA firm: office-based, 9-5+, compliance-heavy, target-driven, market-dependent
• •Estate planning practice: flexible hours, home-based, simple compliance, self-directed, recession-proof

For an employed IFA earning £60,000, estate planning can match that income within 12 months with a fraction of the startup cost and stress. And you get your evenings, weekends, and mental health back.

Leaving an IFA firm doesn't have to be sudden. Here's how to plan your departure strategically:

3-6 months before leaving:

• •Register for free training at Become an Estate Planner
• •Complete training in evenings/weekends (your firm doesn't need to know)
• •Research PI insurance and professional body options
• •Start saving 3 months of expenses as a buffer (optional but sensible)
• •Review your employment contract for notice periods and restrictions
• •Build a list of personal contacts who could become EP clients

1-2 months before leaving:

• •Get PI insurance arranged (ready to activate on departure)
• •Set up WILLO software account
• •Create a simple website and LinkedIn presence
• •Prepare marketing materials
• •Line up your first 5-10 potential clients from personal network
• •Give notice to your firm

During notice period:

• •Set up your business formally (sole trader or limited company)
• •Register with HMRC
• •Announce your new venture to personal contacts
• •Book appointments to start immediately after leaving
• •Join relevant networking groups

Week 1 of independence:

• •Activate PI insurance
• •Start WILLO software
• •Begin meeting clients
• •Contact 50 people in your personal/professional network
• •Attend local networking events
• •Set up Google Business profile

Important legal considerations:

• •Check your contract for non-compete clauses (unlikely to cover estate planning)
• •Don't take client data from your firm (build fresh)
• •Don't approach firm clients during notice period (unless contract allows)
• •Keep everything professional — you may want referral relationships with your former firm later

The biggest fear: "Without my firm's clients, where do I start?" The answer is: you have more resources than you think.

Your personal network (immediate):

• •Friends and family who need wills (everyone does)
• •Former colleagues from previous roles
• •Parents at your children's school
• •Sports clubs, social groups, community organisations
• •LinkedIn connections (you probably have hundreds)

Your professional network (week 1-2):

• •Solicitors you've worked with (they need someone to refer EP to)
• •Accountants you know (they have clients who need IHT planning)
• •Insurance brokers (their clients need trusts for policies)
• •Mortgage advisors (every homebuyer needs a will)
• •Former IFA colleagues who don't offer EP

Local marketing (month 1):

• •Google Business profile (free, gets local searches)
• •Local Facebook groups (post helpful content, not ads)
• •Community noticeboards and parish magazines
• •Local newspaper features (journalists love "local professional launches new service")
• •Networking events (BNI, chamber of commerce)

Online presence (month 1-2):

• •Simple website with clear services and pricing
• •LinkedIn content about estate planning topics
• •Google reviews from early clients (massive trust builder)
• •Local SEO (target "[your town] estate planning" searches)

The advantage you have over other new estate planners:

• •Professional credibility from IFA background
• •Understanding of high-net-worth client needs
• •Ability to handle complex cases from day one
• •Existing professional network
• •Communication skills honed from years of client meetings

Most employed IFAs who make this transition reach 10+ clients per month within 3 months. With an average case value of £600-£1,200, that's £6,000-£12,000/month — potentially matching or exceeding your employed salary within a quarter.

Let's paint the picture of life 2 years after leaving your IFA firm for estate planning:

Your typical week:

• •Monday: 3 client meetings (home visits or virtual), admin/drafting in between
• •Tuesday: 2 client meetings, networking event in evening
• •Wednesday: 4 meetings (your busy day)
• •Thursday: 2 meetings, document drafting, professional development
• •Friday: 1 meeting, marketing, business admin, finish early

Your income:

• •10-15 cases per week at average £700 = £7,000-£10,500/week
• •Annual income: £80,000-£120,000+
• •Overheads: under £3,000/year
• •Net income: essentially the same as gross

Your lifestyle:

• •No commute (work from home, visit clients locally)
• •No targets, no boss, no office politics
• •Take holidays when you want (not when targets allow)
• •Attend school events, sports days, appointments freely
• •Work 30-40 hours/week (not 50-60)
• •No Sunday evening dread about Monday morning

Your professional standing:

• •Known locally as THE estate planning expert
• •Referral partners sending regular work
• •Waiting list of clients wanting appointments
• •Speaking invitations from local groups and organisations
• •Maybe even training others (and earning from that too)

Your stress levels:

• •No FCA audit anxiety
• •No market crash panic calls
• •No compliance paperwork mountains
• •No complaints about investment performance
• •Sleep well knowing your work directly protects families

Is this realistic? Yes. We've seen it happen repeatedly with IFAs who make the switch. Your professional background, communication skills, and financial knowledge give you advantages that most new estate planners don't have.

Start your free training today at Become an Estate Planner. In 2 years, you could look back on this as the best career decision you ever made.