From IFA Network To Directly Authorised - One Financial Solutions Next Chapter!

After 13 years inside a financial advice network, Wayne Griffith and One Financial Solutions have become directly authorised by the FCA. But what does it really take to become a directly authorised financial advice firm? How long does FCA authorisation take, what are the risks, and when is the right time to leave a network? Wayne joins Sam Oakes on the Financial Planner Life Podcast to share the full story behind One Financial Solutions becoming directly authorised. The process took around 18 months, including nine months of preparation followed by a demanding nine-month FCA application. Wayne speaks honestly about the interviews, capital adequacy requirements, compliance responsibilities and the steep learning curve that comes with taking full accountability for a financial advice business. He also explains why the FCA was far more supportive than he expected and how compliance consultancy 360 helped prepare the business for direct authorisation. Why did One Financial Solutions become directly authorised? For Wayne, it came down to greater control, accountability and agility. He wanted the freedom to shape the firm’s investment proposition, decide which advisers joined the business, develop future advisers and build a privately owned company capable of creating long-term wealth for its people. This is not an attack on financial advice networks. Wayne explains why networks remain essential, particularly for new advisers and smaller firms that need a “business in a box.” After 13 years of support, One Financial Solutions had simply reached a stage where its ambitions required greater independence. In this episode, we explore: • How to become directly authorised by the FCA • How long the FCA authorisation process can take • The true cost and responsibility of becoming directly authorised • The difference between a directly authorised firm and an appointed representative • Why financial advice networks remain valuable • Capital adequacy, compliance and FCA interviews • Building a centralised investment proposition • Creating generational wealth for financial advisers • One Financial Solutions’ plan to grow to 100 advisers • Training trainee and junior financial planners • Why new advisers should learn marketing and build a niche • Neurodiversity within financial planning firms • How AI could change administration, paraplanning and client service Should your financial advice firm become directly authorised? Wayne’s answer is clear: direct authorisation is not automatically better. It depends on the size, experience, resources and long-term ambitions of the business. A network can provide valuable protection and infrastructure. Direct authorisation provides greater control, but also places far more responsibility on the firm and its leadership team. If you are considering leaving a network, applying for FCA authorisation or joining a growing directly authorised financial advice firm, this episode gives you a refreshingly honest view of what lies ahead. CHAPTERS 00:00 Wayne Griffith’s big announcement 01:10 Why One Financial Solutions became directly authorised 02:19 Working with the FCA and 360 04:40 Why financial advice networks are valuable 06:17 When a network may stop fitting your business 07:50 Control, accountability and generational wealth 12:00 The reality of the FCA application process 14:10 Training the next generation of advisers 20:24 Marketing, lead generation and building a niche 23:55 Neurodiversity in financial planning 30:36 AI, upskilling and serving the mass market 34:24 The future of One Financial Solutions 42:49 The Hundred Club growth plan 48:28 How to contact Wayne Griffith Learn more about One Financial Solutions at www.onefinancialsolutions.co.uk Financial Planner Life is sponsored by Redmill Advance Whether you're starting out, already qualified, or building a training academy, Redmill Advance delivers expert-led learning, exam support and CPD from Level 4 to Chartered. ✅ Trusted by top UK firms 👉 www.redmilladvance.com/fpl Be sure to follow Financial Planner Life on YouTube for extra content about career development within Financial Planning. Reach out to sam@financialplannerlife.com in regards to sponsorship, partnerships, videography or podcast production. Want to appear on the Financial Planner Life podcast? Drop Sam a message.