This document summarizes a presentation on best practices for financial services companies. It discusses establishing best practices through certifications like ISO 22222 and BS 8577. These certifications provide standards for areas like client management, financial planning processes, and continual improvement. The presentation provides principles for companies to achieve perfection, including designing effective teams, setting clear goals and policies, implementing organized processes through an Operations Management System, and continually improving practices through feedback.

1. Why Only Best Practice Makes Perfect!
5th
March 2013 - London

2. Twitter: @ISO22222
Michelle Hoskin
Director,
Standards International
Author of Best Practice Makes Perfect!
Event #: #BPMP13
LinkedIn: standardsexpert

3. Who we are?
 Established in June 2007, based in Hertfordshire
 World leading certification body in financial services
 UKAS Accredited (ISO 17024 & working towards ISO 17065)
 Work with the profession’s best!
 Pioneering ‘Best Practice’
 Independent and privately owned
 Services Provided:
 Best Practice Toolkit
 Training and Publications
 Consultancy and Support
 Certification

6. Introduction...
 Company and location
 Your role
 Why you are here?
 Name

7. What is ‘Best’ Practice?
 Best Practice can only be achieved by creating a structured
and supported environment where every individual within
it can create an amazing experience for their client
So, what does ‘Best’ look like to...
 Your clients
 Other stakeholders
 Your team

8. What is holding us back?
Procedures and House Style
Resources and Skills
Leadership and Management
Work and Task Management
Time and Diary Management

9. The 7 Key Business Streams™
 Financial Management
 Human Resource Management
 Financial Advice & Planning Services
 Business Management
 Client Management
 Marketing and Business Development
 Technology

10. ISO 22222 - An insight
 ANSI approached BSI in 2000
 When and Who?
 Committee was formed – chaired by the FSA (David Jackman)
 17 countries participated over 7 years
 ISO 22222 launched 2007 - Certification commenced!
 What?
 Operational, financial and security management
 The Six Steps of the Financial Planning Process
 Ethical Behaviour and Ethical Financial Planning
 Information Security, Client Confidentiality and Data Protection
 Risk Management and Business Continuity
 Continual Improvement

11. ISO 22222 - An insight
 Eligibility Application Form
 How?
 Training & Assessment
 Annual Quality Review Audit Programme
 Certification awarded to the individual
 Benefits
 Improved performance through simplified, effective processes and
documentation
 Standardisation of good working practices and improved communication
 Promotes awareness of quality and professionalism, better public
awareness and public image
 Sales and marketing opportunities
 Reduced risk and supports regulatory requirements
 The acquisition of a symbol representing the internationally
recognised quality standard

12. BS 8577 – Launched 2012!
 Framework for the provision of financial advice and planning
services
 Our Role
 Current position in the market – the differences!
 Firm Based
 The Operational Management System™
 Requirements for planners to evidence conformity to ISO 22222
 Certification & The Costs
 Application Process

13. BS 8577 – continued..
 Key Sections
 9 x Over-arching Principles of Practice
 Management Responsibilities and Review
 Objectives and Policies
 The Operational Framework
 Outsourcing
 Document and Record Control
 Recruitment Training and Development
 Customer Relationship Management

14. Jon Pittham – ClientsFirst
‘Quality’ communications build ‘Quality’ relationships!

15. 5 Proven Principles for Perfection™
 Culture is the set of shared attitudes, values, goals, and practices
which characterise an institution, organisation or group

16. Principle for Perfection #1
 Design and build your unique team!

17. Principle for Perfection #2

18. Principle for Perfection #2 cont...
 Vision
 Strategic Goals
 Purpose
 Objectives
 Policies and Procedures
 Plan

19. Principle for Perfection #2 cont...
 Values
 Personality
 Technical Skills
 Attitude
 Attributes
 Work Ethos
=

20.  The Time and Task Management System™
 Doing more with the time you have
 We are not all good at the same things – we are all unique!
 Being busy doesn’t mean we are being productive
 Remember:
 Lists and structure are crucial to your success
 There is always a more effective way of doing something – so find it!
 Use the right tools
 Agree and communicate your decision standards
Principle for Perfection #3

21.  Build the right support structure
 Create your business review process
 The Process
 Effective handovers – be clear on instructions
 Delegate correctly
 Be clear on priorities and deadlines
 Plan your diary and schedule
 Protect yourself and your workspace
 Don’t procrastinate
Principle for Perfection #3 cont...

22. Principle for Perfection #3 cont...
What?
 Client & Service
 Operations
 Team
 Business Management
When?
 Quarterly
 Monthly
 Weekly
 Annual
How?
 Technical
 Administration
 Debrief
 Management

23.  Level 1 – Management System
 Level 2 – Processes and procedures
 Level 3 – Master Copy Documents
 Three Main Levels
Principle for Perfection #4
 The Operations Management System™

24.  Overview of the company, purpose, vision, goals, plans, objectives etc
 Business review process
 Key areas:
 HR Management, recruitment and training
 CPDE, T&C and compliance
 Business administration and document control
 Information security, risk management, business continuation
 IT structure, set up and tools
 Clients, service, charging and marketing
Principle for Perfection #4 cont...

25.  Identify who does what (AI & TT)
 What is your desired outcome?
 Key steps:
 How best should it be documented?
 Who is currently responsible for the process?
 What tools support the process? – Software systems
 Roll Out, Test and Amend
 Include in your Operations Management System ™
Principle for Perfection #4 cont...

26. The Operations Management System ™
 A few examples:

27.  They meet contractual, statutory and regulatory guidelines
 Have a unique reference number and have been authorised
 Make sure:
 Are clear and concise, simple and understandable, tested and
amended, quality controlled and well communicated
 Have quality at the core!
 They have interrelated and interactive processes
 You create a library of templates, letters, emails and forms
The Operations Management System ™

28. Creating your Operations Management System
 Telephone and email enquiries
 Client hospitality
 A few to think about:
 First meeting confirmation and information
 Conducting a first meeting and follow up
 Information gathering and business implementation
 Report writing and creating a financial plan
 Client file management

29. Creating your Operations Management System
 Have all key processes been identified and documented?
 Are they effective in producing the desired results?
 The Process
 Are they available in both hard and soft copy formats?
 Have they been effectively implemented?
 Have they been logged and quality controlled?

30. Mary Knapman – Accuracy Matters
Because Accuracy Matters!

31. Principle for Perfection #5
 The Process
 Two areas of continual improvement:
o
The Business
o
and you!
 Feedback - Positive and Negative

32.  Adopt the principles of ISO 22222 & BS 8577
 Continually strive for “best” everything!
 Business
 Constant questioning – How can we improve?
 Communicate and reward for improvements made
 Implement a continual improvement policy
 Inspire others to improve
Principle for Perfection #5 cont...

33. Continual Improvement
 The Process:

34. Continual Improvement
 The Logs

35. Continual Improvement
 Clients, colleagues, professional partners and introducers
 Feedback comes from:
 Professional bodies and The FSA
 Quantitative or qualitative
 Feedback can be:
 Formal or informal
 Verbal or written

36. Continual Improvement
 Be upfront, open and honest about feedback
 Collect and record all feedback – review the current methods!
 Key Considerations
 Always encourage feedback and acknowledge receipt of it
 If negative, resolve as soon as possible
 Feedback to the feedback giver about action taken and follow ups
 Review all feedback regularly – at monthly meetings?
 Feedback needs top management buy-in!

37. Tony Richardson – Octree
How to protect your most valuable asset?

38. Insights of the day …

39. Now what?
 Create change - don’t just manage it!
 Allocate responsibilities and create a plan
 Get going:
 Kick off the project and review progress
 Engage with your team
 REMEMBER, we are here if you need us ....

40. Please contact me or a member of my team:
Tel: 0044 (0)1462 790894
Web: www.standardsinternational.co.uk
Twitter: http://twitter.com/SIISO22222
LinkedIn: http://uk.linkedin.com/in/standardsexpert
Email: enquiries@standardsinternational.co.uk
Further Information?