The ‘AR broking services’ concept is a particularly compelling one. The argument for it runs roughly as follows:-
The vast majority of Account Executives - or Broker Principals - enjoy what they do and like that part of the job that they are good at. Typically, that’s the client-facing hours of their daily lives.
Too often, however, the Account Executive who currently does not feel fully in charge of his/her own destiny and may well consider ‘going it alone’, to become a new Broker Principal, is concerned that…
… as a new Broker Principal, too much of the time will be spent unproductively in meetings, doing things other than the client-facing work. Such as, securing markets and service levels, day-to-day admin and accounts reconciliation.
This is not to mention all the issues of employment, dealing with system suppliers and, of course, FCA compliance. It’s not easy managing everything.
The solution is perfectly obvious; just get rid of anything that is extraneous to the client-facing side of the business; quite simply… outsource it.