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Differentiate Post RDR

PFS CPD Training
by

Abbie Tanner

on 10 May 2013

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Transcript of Differentiate Post RDR

Abbie has 14 years' experience providing marketing and business development services to firms in financial and other professional services. She lectured in Marketing and eBusiness at the University of Technology Sydney (UTS), while working at AMP and Henderson Global Investors. In the UK, Abbie has supported large and small Financial Planning businesses, whilst consulting to companies such as Invesco, SEI and JPMorgan. Today, she regularly presents at forums on marketing, social media, web strategy and working with professional partners. ABBIE TANNER
Managing Director, A Business Innovation WHAT IS A VALUE PROPOSITION? Who are you? What makes you different? Why should
I care? Staff deliver a consistent message
Clients know exactly what they will get (in terms of value, benefits, costs)
Professional connections immediately see the benefit of working in partnership
Revenue is more predictable, the business is more profitable and ultimately more saleable IDEAL CLIENT AVATAR What if she was
sitting beside you
right now? What is she most
PASSIONATE about? What is her
biggest fear? DON'T
KNOW? Your 10 best clients & their key characteristics Where did they come from? (Referral, business acquisition, networking, marketing initiatives)
What do they do? (List their profession or are they retired?)
Hold old are they? (Provide an age range if that's easier)
Where are they located? (Geographical distance from your office) Dig Deeper Think demographic & psychographic Values
Beliefs
Lifestyle
Hobbies
Interests Psychographic Demographic Age
Income
Gender
Marital status
Industry Walk in their shoes... On the golf course? BECOME
YOUR
CLIENT Create case studies Client insight
Client challenge
Client journey
Client solution Use a process, for consistency " Social media are media for social interaction, using highly accessible and scalable communication technique. Social media if the use of web-base and mobile technologies to turn communication into interactive dialogue" Wikipedia, Definition of Social Media TWO-WAY CONVERSATION MANAGE
YOUR
REPUTATION
ONLINE Getting Started Choose your twitter username:
@Abbie_Tanner / @Neil_Fortitude

Write 2 line biog - don't waste your words!

Write 10 tweets so you look like you know what you are doing

Follow people in our industry

RT people / @Reply to them

Continue posting useful Tweets

Keep reading and replying The Basics Fill up your profile with all roles
Use a professional picture, where people can see your eyes (close up is best)
Connect with everyone you know
Write recommendations for people you have worked with
Ask for recommendations from people who know you and have worked with you
Join relevant groups "Independent advice is defined as ‘personal recommendation to a retails client in relation to a retail investment product where the personal recommendation provided meets the requirement on the independent advice" FSA RDR: Independent and restricted advice guidelines The standard for independent advice is that the personal recommendation is “based on a comprehensive and fair analysis of the relevant market” and is “unbiased and unrestricted”. FSA RDR: Independent and restricted advice guidelines INDEPENDENCE You can exclude certain product types where it is clear they are unsuitable
Failure to recommend high risk products will not compromise independence
You must undertake a fair analysis and not restrict your offering to certain collectives
Be able to recommend products off-platform or off-panel
Be careful when recommending a discretionary service
You must offer advice across the whole spectrum of products and providers, including: - Venture Capital Trusts
- Enterprise Investment Schemes
- Exchange-Traded Funds
- National Savings
- Investment products
- Cash deposit ISAs INDEPENDENCE CRITERIA Questions: Charging structure Do you have agreed service levels and charges?
Do different charges apply for your propositions?
Are charges consistently applied?
Are your clients paying for the level of service they actually receive?
Do your clients individually agree the level of service, current and future charges?
Do you document agreed service levels and their costs?
Is the cost of your service consistent regardless of the products recommended? INDEPENDENCE CRITERIA Questions: Financial Advice Do you intend to provide “unbiased and unrestricted advice”?
Are you free from contractual obligations or restrictions?
Are you equipped to give comprehensive advice following a fair analysis of the ‘relevant market’? INDEPENDENCE CRITERIA Questions: Products Are advisers competent in Retail Investment Products (RIP)? Including: INDEPENDENCE CRITERIA Questions: Training Do all of your advisers understand the risks associated with the types of contracts?
Are all of your advisers able to provide a recommendation based on all product types where suitable? RISING INTEREST IN
RESTRICTED ADVICE Skandia collected data from advisers this year, and compared it against 2011, to identify any changers in sentiment towards particular adviser models. Both the restricted and the mixed model show significant increases in popularity, whereas the popularity of the independent advice model has reduced. (Source: Skandia, Interest in Restricted Advice is rising among Financial Advisers, 2012) Key considerations: INDEPENDENT ADVICE "HMRC has always stated that the liability for VAT does not depend on whether a client is charged a fee for advice or pays for it through commission. VAT liability is determined by the services provided by the adviser." Differentiation in a post RDR world What keeps them awake at night? Where do they hang out? Where do they hang out? Two way conversation... WHICH ADVICE
MODEL IS RIGHT
FOR YOU? You can still advise on legacy assets
You can continue to work with professional connections (under the current regime)
You can accommodate any specific requirement based on the widest range of available products
CPD will be required on a wider range of investments
Increased research requirements across all products and investments
There could be a risk of not meeting the FSA’s Independence requirements
You will need access to all Retail Investment Products (RIPs) if/when required, even if some contracts are rarely recommended INDEPENDENT ADVICE The need to demonstrate 'Independence' is removed
Reduced administration = more time to focus on clients
Potential for greater control and consistency of offering
You might have greater support from your providers
Possible exit strategy agreement
Fulfilling suitability requirements could be a challenge
Unable to accept referrals from professional connections
Challenge to manage existing investments if they are outside of restricted range
You can only retain the ability to advise on legacy assets if they form part of your restricted range
Increased levels of ongoing training needed for all advisers Key considerations: RESTRICTED ADVICE Key considerations: The client needs understand whether they will be receiving independent or restricted advice.
You cannot give the impression that independent advice is being offered, when restricted advice is also available.
Specialist advisers should not hold themselves out as independent in the broader sense. You may use wording such as “providing independent advice on ethical products”.
You cannot use “independent” in your branding, if you also offer restricted advice. You might have to operate two or more trading names.
You will need very clearly defined processes and procedures for the different segmented business models. YOU CAN BE INDEPENDENT AND RESTRICTED The benefits
The implementation
The results - Life policies
- Units
- Stakeholder Pension Schemes
- Personal Pension Schemes
- Interest in an Investment Trust Savings Scheme
- Security in an Investment Trust
- Structured Capital-at-Risk product
- Other designated investments Do you have the ability to access all Retail Investment Products (RIPs)?
Do you have a process for identifying new RIPs coming into the market and ensuring all advisers are competent on them? "Restricted advice has to meet the same suitability, inducement, adviser charging and professionalism standards as independent advice, with restrictions disclosed in writing and orally where they speak to a client." For more information visit www.abusinessinnovation.com
Or join us at one of our workshops Author of... Or do you
EAT what you KILL? ARE YOU A FARMER... Marketing Innovation Engine What is she most PASSIONATE about? What is her BIGGEST fear? ADDITIONAL SERVICES FOR PRIVATE CLIENTS THE EXPERT TEAM INDEPENDENT VS. RESTRICTED? WHAT IS THE APPROPRIATE FEE LEVEL?
Full transcript