Why Only Best Practice Makes Perfect! A guide for Financial Services Firms

1. How to create Operational
Best Practice!
A firms guide to getting it right...first time!
Michelle Hoskin
Author of Best Practice Makes Perfect!

2. Hi... from me!
Twitter: #ISO22222

3. Areas of expertise!
 The challenges facing even the profession’s best!
 Why operational best practice is the only way to go!
 The Operations Management System™
 Diary, task and workflow management for the real world
 Why Only Best Practice makes PERFECT
 ISO 22222 Certification – An insight and benefits!
 BS 8577 – Certification – An insight and benefits!

4. Your biggest operational challenges..
 Lack of operations management processes, procedures and
house style
 Under resourced, inadequately skilled and poorly trained
staff
 Poor team/people management, leadership and
development skills
 Inefficient workflow and task management systems
 Ineffective time and diary management

5. So 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 clients
But...
 We over complicate business because we don’t have a plan
 We recruit, train and performance manage badly
 We change the culture and/or the structure to suit the
people!
 Not natural business owners, managers or administrators

6. The Operations Management System ™
 Three Main Levels
 Level 1 – Management System
 Level 2 – Processes and procedures
 Level 3 – Master Copy Documents

7. The Operations Management System ™
 The Business Bible – The E-Myth
 Key areas:
 Overview of the company, aims, objectives, vision and policies
 Business review process
 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

8. The Operations Management System ™
 Key steps:
 Identify who does what (AI & TT)
 What is your desired outcome?
 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 ™

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

10. The Operations Management System ™
 Make sure:
 They meet contractual, statutory and regulatory guidelines
 Have a unique reference number and have been authorised
 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

11. Creating your Operations Management System ™
 A few to think about:
 Telephone and email enquiries
 Client hospitality
 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

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

13. The Time and Task Management System
 Doing more with the time you have
 Remember:
 We are not all good at the same things – we are all unique!
 Being busy doesn’t mean we are being productive
 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

14. The Time and Task Management System
 The Process
 Build the right support structure
 Create your business review process
 Effective handovers – be clear on instructions
 Create your master to do list
 Be clear on priorities and deadlines
 Plan your diary and schedule
 Protect yourself and your workspace
 Don’t procrastinate – a task started and not finished is a complete waste of
your time

15. You’re perfect, so stay that way!
 The Process
 Two areas of continual improvement:
o
The Business
o
and you!
 Plan, Do, Check and Act
 Feedback – Positive and Negative (capture them both)

16. Continual Improvement
 Business
 Adopt the principles of ISO 22222 & BS 8577
 Continually strive for “best” everything!
 Constant questioning – How can we improve?
 Have ‘stupid’ meetings and reward improvements made
 Implement a continual improvement policy
 Inspire others to improve

17. Continual Improvement
 The Process:

18. Continual Improvement
 The Logs

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

20. Continual Improvement
 Key Considerations
 Be upfront, open and honest about feedback
 Collect and record all feedback – review the current methods!
 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!

21. ISO 22222 - An insight and benefits!
 When and Who?
 ANSI approached BSI in 2000
 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

22. ISO 22222 - An insight and benefits!
 How?
 Eligibility Application Form
 Training and Gap Analysis Workshop & 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

23. BS 8577 – Launched 2012!
 Framework for the provision of financial advice and planning
services
 Our Role - lead on the BSI Committee
 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

24. 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

25. Standards international - Who we are?
 Established in June 2007 (Pilot Scheme launched in April 2006)
 World leading certification body - in financial services standards
 UKAS Accredited to ISO 17024 & working towards ISO 17065
 We work with the profession’s leading advisers
 Pioneering Best Practice – added value
 Independent and privately owned - Unique Offering
 Work done so far:
 Awareness Campaigns - Professional and Consumer
 International and national presentations and The Book
 Partnerships - Profession Wide
 The Approved Associate Programme (AAC)
 Value Benefits Guarantee
 Lead on the development committee - BS 8577 (The Firm Standard)

26. So what next?
 Get going:
 Create Change - don’t just manage it!
 Engage the team and I mean all of the team!
 Allocate responsibilities and create a plan
 Start the project and constantly review progress
 If you need help...ask for it!
 And then ... 3rd party expert validation!
www.michellehoskin.com

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