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BACK TO BASIC BUILDING BLOCKS Processes, IT, People and Efficient Business Practice

For financial advisers only. BACK TO BASIC BUILDING BLOCKS Processes, IT, People and Efficient Business Practice. Lawrence Emm Business Change Specialist. For financial advisers only. THE COMPLETE PICTURE . PROPOSITION. PRICING. PEOPLE CAPABILITY. CLIENT NEEDS. SERVICE CONTENT.

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BACK TO BASIC BUILDING BLOCKS Processes, IT, People and Efficient Business Practice

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  1. For financial advisers only BACK TO BASIC BUILDING BLOCKSProcesses, IT, People and Efficient Business Practice Lawrence EmmBusiness Change Specialist

  2. For financial advisers only THE COMPLETE PICTURE PROPOSITION PRICING PEOPLE CAPABILITY CLIENT NEEDS SERVICE CONTENT PROCESSANDIT ARTICULATING VALUE, WORTH AND EXPERTISE CLEARLY

  3. 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

  4. For financial advisers only THE COMPLETE PICTURE PROPOSITION PRICING PEOPLE CAPABILITY CLIENT NEEDS SERVICE CONTENT PROCESSANDIT ARTICULATING VALUE, WORTH AND EXPERTISE CLEARLY

  5. For financial advisers only “Efficiency is doing better what is already done” Peter F Drucker

  6. For financial advisers only CONTEXT 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

  7. For financial advisers only ASSESSING SUITABILITY “All firms providing investment advice should ensure that they have robust processes and controls ….”

  8. For financial advisers only PLATFORMS - DUE DILIGENCE AND EFFICIENCY

  9. For financial advisers only PLATFORMS - DUE DILIGENCE AND EFFICIENCY

  10. For financial advisers only BUSINESS PROCESS MAPPING

  11. For financial advisers only CLEARLY DEFINED STAGES OF THE PROCESS REVIEWANDRETAIN ANALYSE AND PREPARE SOLUTIONS CLIENT DISCOVERY IMPLEMENTSOLUTIONS CLIENT ENGAGEMENT

  12. For financial advisers only CLEARLY DEFINED STAGES OF THE PROCESS REVIEWANDRETAIN ANALYSE AND PREPARE SOLUTIONS CLIENT DISCOVERY IMPLEMENTSOLUTIONS CLIENT ENGAGEMENT

  13. For financial advisers only THE CLIENT JOURNEY - TOLLARDAY EXAMPLE Client Engagement Process CLIENT ENGAGEMENT Input client data to CRM software Service Call – telephonefollow up MakeAppointment1st Client Meeting Send ClientWelcome Pack Send ClientConfirmatoryLetter Handle Client Enquiry

  14. For financial advisers only CLIENT ENGAGEMENT PROCESS • 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

  15. For financial advisers only THE CLIENT JOURNEY - TOLLARDAY EXAMPLE Client Engagement Tools and Materials CLIENT ENGAGEMENT StandardandBespokeClientLetters Diary note for client follow up New ClientWelcomePack TollardayKey ValueMessages CRMSystemTool Client EnquiryForm

  16. For financial advisers only CLIENT ENGAGEMENT PROCESS TASK/PROCESS WHO WILL DO IT TOOLS/MATERIALS

  17. For financial advisers only BUSINESS PROCESS MAPPING

  18. For financial advisers only CLIENT RETENTION PROCESS • 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

  19. For financial advisers only EFFECTIVE USE OF IT AND TOOLS

  20. For financial advisers only “Efficiency is doing better what is already done” Peter F Drucker

  21. For financial advisers only IT SYSTEMS AND TOOLS PlanningTools Provider Extranets & E-Services Report WritersSuitability ReportScanning Tools Back Office Research Systems Platforms

  22. For financial advisers only BACK OFFICE SYSTEMS

  23. For financial advisers only BACK OFFICE SYSTEMS ADDITIONALLY, THERE ARE OTHER SUPPLIERS AND A RANGE OF ‘BESPOKE’ SOFTWARE SOLUTIONS AVAILABLE

  24. For financial advisers only BACK OFFICE SYSTEMS • 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

  25. For financial advisers only BACK OFFICE SYSTEMS • 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?

  26. For financial advisers only HOW TO DECIDE ON THE RIGHT OPTIONS

  27. For financial advisers only RESEARCH SYSTEMS AND TOOLS ADDITIONALLY, THERE ARE OTHER SUPPLIERS AND A RANGE OF ‘BESPOKE’ SOFTWARE SOLUTIONS AVAILABLE

  28. For financial advisers only ADDITIONAL SYSTEMS AND TOOLS ADDITIONALLY, THERE ARE OTHER SUPPLIERS AND A RANGE OF ‘BESPOKE’ SOFTWARE SOLUTIONS AVAILABLE

  29. For financial advisers only THE IDEAL SCENARIO PRODUCT ANALYSER PENSION ANALYSER INVESTMENT ANALYSER MORTGAGE ANALYSER CLIENT VALUATIONS CLIENT DATA BACK OFFICECRM PROTECTION ANALYSER RISKANALYSER PLATFORM ANALYSER

  30. For financial advisers only PLATFORM AND WRAP PROVIDERS • 28 providers and growing • Considerable regulator activity • Detailed due diligence essential • Whether to choose 1 or more • Can deliver considerable business efficiencies

  31. For financial advisers only PLATFORMS - DUE DILIGENCE AND EFFICIENCY

  32. For financial advisers only IN WHICH AREAS CAN IT SUPPORT YOUR BUSINESS? Trust PreparationClient Service Delivery Shortfall AnalysisDocument Management Management InformationRemote AccessClient AccessClient ReviewsOn-Line Application ProcessingNew Business ProcessingClient PresentationsValuation ReportsNewslettersMarket CommentaryPerformance Management Fact FindMarketing and PromotionsRisk Profile and AnalysisFund Selection and ManagementInvoicing and Payment TrackingComplianceIllustrations and QuotationsClient ReportsLifestyle Planning and AnalysisProduct SelectionWill WritingDiary ManagementWorkflow ManagementData ManagementCRMWebsite

  33. For financial advisers only USING IT TO INCREASE EFFICIENCY AND CONSISTENCY ANALYSE AND PREPARE SOLUTIONS REVIEWANDRETAIN IMPLEMENTSOLUTIONS CLIENT DISCOVERY CLIENT ENGAGEMENT • 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 • MS Word • Workflow • Ezine - Podcast • Website • Excel – Valuation Reports • Management Reports (MI) • On-line Service Questionnaire • Invoice Tool • CRM System • Shortfall Analysis • Client Reporter • Lifestyle Planner • MS Outlook • Provider interface • Illustrations • Client Journey Tool (pages) • MS PowerPoint • Workflow • MS Outlook • Invoice Tool

  34. For financial advisers only PEOPLE Ensuring we have the right people, with the right skill sets, to fully meet client expectations

  35. For financial advisers only ARE CURRENT ROLES STILL APPROPRIATE? Financial Planner: To acquire new clients and maintain key introducer and client relationships “ADVICE” Para-planners: To provide extensive technical support to the Financial Planner(s) “TECHNICAL SUPPORT” Client Support Services: To provide comprehensive administrative support to the PPs and FPs “ADMINISTRATION”

  36. For financial advisers only WHAT DOES THE BUSINESS MODEL REQUIRE? • Identify new clients and introducers • Initiate relationships with new clients and introducers • “Fact find” with clients, determine “financial strategy” • Deliver recommendations “ADVICE” • 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 “TECHNICAL SUPPORT” • Maintain accurate client records • Respond to client servicing enquiries • Prepare illustrations • Prepare invoices • Deal with post and telephone enquiries “ADMINISTRATION”

  37. For financial advisers only ASSESSING BUSINESS CAPACITY AND CAPABILITY

  38. For financial advisers only SUMMARY • 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”

  39. For financial advisers only

  40. 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.

  41. 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.

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