Gauntlet De-authorisation Fast-track: the AR route for tired, overburdened & marginalised local brokers
Gauntlet De-authorisation Fast-track (GDF) was pioneered within the insurance broking sector, to rescue struggling local brokers and give them a new lease of life.
Gauntlet Group has now perfected the process by which such local brokers can cease being directly authorised and become appointed representatives of Gauntlet instead. We worked closely with the FCA on this, with the FCA system geared up to handle the traditional pathway – moving ARs to directly authorised status – not to take brokers the other way. It is the ‘other way’ that now works for many small to medium-sized brokers, as direct authorisation has not lived up to expectations, financially or in terms of lifestyle.
GDF is a lifeline for many brokers of a certain size, who cannot attract buyers. If they did manage to sell their brokerage, they could potentially find a lot of their social life is eroded, as much revolves around broking. By becoming an AR of Gauntlet Group, they can solve their issues and continue to do what they enjoy, from both a professional and social perspective.
What are the advantages of de-authorising and becoming an appointed representative?
GDF fundamentally ‘un-ghosts’ many brokers who have been ghosted by the insurance industry. Brokers who could not gain access to agencies suddenly discover that they can tap into our 200+ schemes and facilities. They can talk to insurers. They can meet insurers at our network events. They can feel part of something, rather than being marginalised.
GDF also provides full FCA compliance support, taking the FCA reporting burden away from a broker. They can also get on with their client liaison, instead of worrying about giving time to accounting or administration. We handle all of that for them.
They can enjoy holidays and not have to constantly worry about who would run their business if they fell ill.
These local brokers can also avoid the issue of having to find the money to invest in the cutting-edge IT systems that they require, in order to trade and compete. We provide them with Acturis IT and tailored programmes, which we have specifically created, to make sales easier.
They also have another big worry – Professional Indemnity – taken away from them, as we provide it.
Will I lose out financially, if I de-authorise and become an AR?
Our well-negotiated commissions from insurers typically mean that, even after paying us our share of the commission, they are better off, or no worse off, financially. If they want to devote extra time to building their business, they can gain more financial benefit. If they simply want to enjoy more leisure time, having delegated all of their non-core activities to us, they have that luxury.
They can stay at the heart of their communities or niches, free from stress and worry. They play a meaningful part in the industry and know that, as an appointed representative of Gauntlet Group, they have a ready-made exit route, whenever they wish to retire.
With that exit route allowing them to transition clients into Gauntlet as fast or as slowly as they wish, with no disruption to clients who have already been familiar with Gauntlet and its systems, it is a hugely attractive proposition for many brokers within the GDF profile.
To sum up, as an appointed representative, rather than directly authorised broker, you could:
- Have access to a wide number of insurer schemes and facilities
- Become ‘unghosted’, gaining instant access to insurers
- No longer have to report directly to the FCA on compliance-related matters
- Be freed up from having to handled accounting and administrative duties
- Be equipped with Acturis IT (and continuous help in moving clients to this platform)
- Have a broker manager and team to assist you all the way
- Have Professional Indemnity insurance provided by Gauntlet Group
- Take advantage of lead generation and sales programmes that our in-house direct sales team devise
- Have access to an online quote-and-buy facility
- Earn a very generous commission
- Divest yourself of overheads such as office and energy costs
- Enjoy holidays and medical time off, leaving our team to run your business in your absence
- Work the hours that suit you
- Be part of a network offering three formal opportunities to get together with other ARs each year (and other ad-hoc opportunities)
- Develop an exit strategy that is good for you and your clients, when the time is right
- Stay at the heart of your community, doing what you do best and leaving all the peripheral activity to Gauntlet
To find out more, simply email NigelLaw@GauntletGroup.com or RogerGaunt@GauntletGroup.com
“The FCA reporting, the professional indemnity and the accounts were all getting far too much hassle. And when you're doing them, you aren't earning any money. So I was being weighed down and I wanted to get back to what I'm good at, that's broking.”
Roger Smith
“I'm excited. I’ve always been enthusiastic but it's given me a new enthusiasm. I don’t have to worry about anything like accounts, FCA reporting … just getting the best product for my clients and obtaining new business. It's great. Even in my early days, I'm not down on commission so, in income terms, I’m exactly as I was when independent. I've now also got other people to step in. That's important. if I went to hospital, in normal circumstances, I couldn't run my business. Now, I can ask Gauntlet to take over and I have someone ready to do that, which is fantastic ”
Stuart Marshall
