back to basic building blocks processes, it, people and efficient business practice lawrence emm...
TRANSCRIPT
BACK TO BASIC BUILDING BLOCKSProcesses, IT, People and Efficient Business Practice
Lawrence EmmBusiness Change Specialist
For financial advisers only
For financial advisers only
ARTICULATING VALUE, WORTH AND EXPERTISE CLEARLY
PEOPLE CAPABILITY
PROCESSAND
IT
PRICINGSERVICE CONTENTPROPOSITION
CLIENT NEEDS
THE COMPLETE PICTURE
AGENDA
Review of last session
Business process mapping for post RDR environment
Efficiencies from IT
Staff buy-in and commitment
Capacity and capability for consistent delivery
Next session
For financial advisers only
ARTICULATING VALUE, WORTH AND EXPERTISE CLEARLY
PEOPLE CAPABILITY
PROCESSAND
IT
PRICINGSERVICE CONTENTPROPOSITION
CLIENT NEEDS
THE COMPLETE PICTURE
“Efficiency is doing better what is already done”
For financial advisers only
Peter F Drucker
CONTEXT
For financial advisers only
Implementation is about building an effective operating platform to enable:
clarity for all clients – new and existing consistent approach - by everyone in the business consistent delivery of advice and ongoing service efficiency profitability measurability
ASSESSING SUITABILITY
For financial advisers only
“All firms providing investment advice should ensure that they have robust processes and controls ….”
PLATFORMS - DUE DILIGENCE AND EFFICIENCY
For financial advisers only
PLATFORMS - DUE DILIGENCE AND EFFICIENCY
For financial advisers only
BUSINESS PROCESS MAPPING
For financial advisers only
CLEARLY DEFINED STAGES OF THE PROCESS
CLIENT ENGAGEMENT
CLIENT DISCOVERY
ANALYSE AND PREPARE SOLUTIONS
IMPLEMENTSOLUTIONS
REVIEWANDRETAIN
For financial advisers only
CLEARLY DEFINED STAGES OF THE PROCESS
CLIENT ENGAGEMENT
CLIENT DISCOVERY
ANALYSE AND PREPARE SOLUTIONS
IMPLEMENTSOLUTIONS
REVIEWANDRETAIN
For financial advisers only
THE CLIENT JOURNEY - TOLLARDAY EXAMPLE
For financial advisers only
CLIENT ENGAGEMENT
Handle Client Enquiry
Send ClientWelcome Pack
Service Call – telephonefollow up
MakeAppointment1st Client Meeting
Send ClientConfirmatoryLetter
Input client data to CRM software
Client Engagement Process
CLIENT ENGAGEMENT PROCESS
For financial advisers only
Handle client enquiry – gather basic information
Send client a “Welcome Pack” – include Fact Find
Follow up (service) telephone call to client
Agree date/time for first meeting
Pass information to adviser
Send confirmation letter/email to client
Create client file
Input data to back office/CRM system
Service call to client following Fact Find receipt
Prepare first meeting pack
THE CLIENT JOURNEY - TOLLARDAY EXAMPLE
For financial advisers only
CLIENT ENGAGEMENT
Client Engagement Tools and Materials
Client EnquiryForm
CRMSystemTool
New ClientWelcomePack
TollardayKey ValueMessages
StandardandBespokeClientLetters
Diary note for client follow up
CLIENT ENGAGEMENT PROCESS
For financial advisers only
TASK/PROCESS WHO WILL DO IT TOOLS/MATERIALS
BUSINESS PROCESS MAPPING
For financial advisers only
CLIENT RETENTION PROCESS
For financial advisers only
Undertake client surveys
Analyse data – implement improvements – TCF and MI
Prepare client Review lists (monthly/quarterly/half-yearly/annually)
Review client file for advice updates
Prepare client valuations
Develop market commentary
Send Review pack to client
Undertake Review – F2F or remote?
Update client file
Input data to CRM/Back Office – service schedule
Create and send revised Plan/Report summary to client
EFFECTIVE USE OF IT AND TOOLS
For financial advisers only
“Efficiency is doing better what is already done”
For financial advisers only
Peter F Drucker
I T SYSTEMS AND TOOLS
For financial advisers only
PlatformsPlatforms
PlanningPlanningToolsTools
Back Back OfficeOffice
Provider Provider Extranets & Extranets & E-ServicesE-Services Report Writers
Suitability Report
Scanning Tools
Research Research SystemsSystems
BACK OFFICE SYSTEMS
For financial advisers only
BACK OFFICE SYSTEMS
For financial advisers only
ADDITIONALLY, THERE ARE OTHER
ADDITIONALLY, THERE ARE OTHER
SUPPLIERS AND A RANGE OF
SUPPLIERS AND A RANGE OF
‘BESPOKE’ SOFTWARE SOLUTIONS
‘BESPOKE’ SOFTWARE SOLUTIONS
AVAILABLE
AVAILABLE
BACK OFFICE SYSTEMS
For financial advisers only
what they might offer… Client Data Management Fact Find Policy data Business Register Marketing Resources Centralised Risk Profiling Client Charging Reconciliation Management Information – Data Interrogation and Reporting Online client access for self-service and semi-automation of some services
BACK OFFICE SYSTEMS
For financial advisers only
some of the issues…
will it do what you want it to do? - most use <20% of system initial & ongoing training: major time, effort & cost licence costs vary considerably services and how they are delivered differ IT infrastructure: data storage & back-up, servers & maintenance migration of existing client data ease of moving to another provider in future?
HOW TO DECIDE ON THE RIGHT OPTIONS
For financial advisers only
RESEARCH SYSTEMS AND TOOLS
For financial advisers only
ADDITIONALLY, THERE ARE OTHER
ADDITIONALLY, THERE ARE OTHER
SUPPLIERS AND A RANGE OF
SUPPLIERS AND A RANGE OF
‘BESPOKE’ SOFTWARE SOLUTIONS
‘BESPOKE’ SOFTWARE SOLUTIONS
AVAILABLE
AVAILABLE
ADDITIONAL SYSTEMS AND TOOLS
For financial advisers only
ADDITIONALLY, THERE ARE OTHER
ADDITIONALLY, THERE ARE OTHER
SUPPLIERS AND A RANGE OF
SUPPLIERS AND A RANGE OF
‘BESPOKE’ SOFTWARE SOLUTIONS
‘BESPOKE’ SOFTWARE SOLUTIONS
AVAILABLE
AVAILABLE
THE IDEAL SCENARIO
For financial advisers only
CLIENT DATABACK OFFICE
CRM
PRODUCT ANALYSER
PLATFORM ANALYSER
MORTGAGE ANALYSER
PENSION ANALYSER
INVESTMENT ANALYSER
CLIENT VALUATIONS
RISKANALYSER
PROTECTION ANALYSER
PLATFORM AND WRAP PROVIDERS
For financial advisers only
28 providers and growing Considerable regulator activity Detailed due diligence essential Whether to choose 1 or more Can deliver considerable business efficiencies
PLATFORMS - DUE DILIGENCE AND EFFICIENCY
For financial advisers only
IN WHICH AREAS CAN I T SUPPORT YOUR BUSINESS?
For financial advisers only
Fact FindMarketing and PromotionsRisk Profile and AnalysisFund Selection and ManagementInvoicing and Payment TrackingComplianceIllustrations and QuotationsClient ReportsLifestyle Planning and AnalysisProduct SelectionWill WritingDiary ManagementWorkflow ManagementData ManagementCRMWebsite
Trust PreparationClient Service Delivery
Shortfall AnalysisDocument Management Management InformationRemote AccessClient AccessClient ReviewsOn-Line Application ProcessingNew Business ProcessingClient PresentationsValuation ReportsNewslettersMarket CommentaryPerformance Management
USING IT TO INCREASE EFFICIENCY AND CONSISTENCY
CLIENT ENGAGEMENT
CLIENT DISCOVERY
ANALYSE AND PREPARE SOLUTIONS
IMPLEMENTSOLUTIONS
REVIEWANDRETAIN
For financial advisers only
Website
CRM System
MS Word
Workflow Manager
Outlook
Client Journey Tool (pages)
MS PowerPoint
Electronic Client Questionnaire
Truth-Voyant
IDD/KFD Compliance
Risk Profiler
CRM system
MS Word
Workflow Manager
Client Agreement
Synaptic – etc.,
O&M – etc.,
Shortfall Analysis
Client Reporter
Portfolio Planner
Lifestyle Planner
CRM System
MS Word
MS Outlook
Invoice Tool
Provider interface
Illustrations
Workflow
CRM System
Shortfall Analysis
Client Reporter
Lifestyle Planner
MS Outlook
Provider interface
Illustrations
Client Journey Tool (pages)
MS PowerPoint
Workflow
MS Outlook
Invoice Tool
CRM System
MS Word
Workflow
Ezine - Podcast
Website
Excel – Valuation Reports
Management Reports (MI)
On-line Service Questionnaire
Invoice Tool
PEOPLE
Ensuring we have the right people, with the right skill sets, to fully meet client expectations
For financial advisers only
ARE CURRENT ROLES STILL APPROPRIATE?
Financial Planner:
To acquire new clients and maintain key introducer and client relationships
Para-planners:
To provide extensive technical support to the Financial Planner(s)
Client Support Services:
To provide comprehensive administrative support to the PPs and FPs
“ADVICE”
“TECHNICAL SUPPORT”
“ADMINISTRATION”
For financial advisers only
WHAT DOES THE BUSINESS MODEL REQUIRE?
“ADVICE”
“TECHNICAL SUPPORT”
“ADMINISTRATION”
• Conduct product research, obtain illustrations• Liase with clients and their other advisers where appropriate • Maintain accurate client files and update software• Prepare client reports – with guidance from Adviser• Construct suitability and reasons why letters• Attend client meetings with Adviser
• Identify new clients and introducers
• Initiate relationships with new clients and introducers
• “Fact find” with clients, determine “financial strategy”
• Deliver recommendations
• Maintain accurate client records• Respond to client servicing enquiries• Prepare illustrations• Prepare invoices• Deal with post and telephone enquiries
For financial advisers only
ASSESSING BUSINESS CAPACITY AND CAPABILITY
For financial advisers only
SUMMARY
For financial advisers only
Review of last session
Business process mapping for post RDR environment
Efficiencies from IT
Staff buy-in and commitment
Capacity and capability for consistent delivery
Next session – 21 June – “Client Engagement”
For financial advisers only
This presentation is designed for and directed at professional financial advisers. It should not be relied on by consumers.
This document is based on Skandia’s interpretation of the law and the HM Revenue and Customs practice as at January 2012. We believe this interpretation is correct, but cannot guarantee it. Tax relief and the tax treatment of investment funds may change.
For financial advisers only
www.skandia.co.uk
Calls may be monitored and recorded for training purposes and to avoid misunderstandings.
Skandia provides you with access to its investment platform, known as Skandia Investment Solutions. Within this platform you can open an ISA and Collective Investment Account provided by Skandia MultiFUNDS Limited, and a Collective Retirement Account and Collective Investment Bond provided by Skandia MultiFUNDS Assurance Limited .
Skandia Life Assurance Company Limited, Skandia MultiFUNDS Limited and Skandia MultiFUNDS Assurance Limited are registered in England & Wales under numbers 1363932, 1680071 and 4163431 respectively. Registered Office at Skandia House, Portland Terrace, Southampton SO14 7EJ, United Kingdom.
All companies are authorised and regulated by the Financial Services Authority with FSA register numbers 110462, 165359 and 207977. VAT number for all above companies is 386 1301 59.
For financial advisers only