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Report Writing Workshop

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Title: PowerPoint Presentation Author: Paul Bailes Last modified by: Sofia Russo Created Date: 8/17/2012 12:02:21 PM Document presentation format – PowerPoint PPT presentation

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Title: Report Writing Workshop


1
(No Transcript)
2
Report Writing Workshop
  • Keith Churchouse, BA (Hons), FPFS
  • Chartered Financial Planner,
  • ISO 22222 Certified Financial Planner
  • Director, Chapters Financial Limited
  • Author of Sign Here, Here and Here! Journey of a
    Financial Adviser

3
Definition of Perfect Being without defect or
blemish a perfect specimen
  • Does this man look perfect to you!
  • ..but what does his client advice Reports
    look like???

4
Agenda
  • What do you want to achieve with a Financial
    Planning Report?
  • Is a Report a sales tool?
  • Key Areas, Whats Good, Bad Ugly?
  • What are the key areas that you would expect to
    see in a financial planning report?
  • Personalise Automate. Whats Best?
  • Personalise and Automate. Why?
  • Outsourcing all or part of your Report?
  • Response Form A must!
  • Presenting the Report Orally Implementation
  • Conclusions
  • Any Questions?

5
What do you want to achieve with a
Financial Planning Report?
Work point 1 Open discussion
Simply put To communicate the clients
individual financial planning
6
Is a Report a sales tool?
  • Yes!
  • Not because it sells products (although it may
    recommend them), however, it sells you, your
    offering and your business in a written format
    and is part of the overall client experience.
  • People buy People!

7
How do you do this?
  • What are the key areas that you would expect to
    see in a financial planning report?
  • Whats Good?
  • Whats Bad?
  • Whats Ugly?............answers on a postcard
    please!

8
Key areas
  • Whats Good?
  • Clear Concise
  • Shows Empathy Listening
  • Summarises Recommendations
  • Reflects Advisers Individual Style Expertise
  • Requests Client Feedback Involvement
  • What do you think..????

9
Key areas
  • Whats Bad?
  • Encyclopaedia of Technical Specification
  • Cut Pastes from other client documents with old
    info/data left in
  • No personalisation
  • Late delivery
  • Client areas discussed but not addressed
  • What do you think..???
  • .these lists could be endless!

10
What does a Good or Bad Report include?
  • Work Point 2
  • Open discussion and notes
  • 2 Scribes please

11
What do you expect to be included or excluded in
a ugly report?
  • Open discussion
  • Included
  • Independent, when not
  • Expected Performance (based on past
    performance)and guaranteed!
  • Inaccuracies
  • Wrong client data
  • Excluded
  • Costs and charges / penalties
  • Provider Terms and Key Features
  • Review Process / What happens next? 
  • Would you send application forms with your
    report? We do.
  • ...again, an
    endless list!

12
What are the key areas that you would expect to
see in a financial planning report?
  • Introduction, including when and where you met
  • Detail of the reason for the initial
    enquiry/review/why you are communicating?
  • Current circumstances and financial details,
    including loans, wills, health, inheritances
  • Attitude to Investment Risk
  • Existing Arrangements (including State Benefits)
  • Needs Aspirations
  • Shortfalls (possibly cash flow modelling)
  • Solutions(s) Changes recommended
  • Asset allocation
  • Charges your fees (initial and on-going)
  • Administration, including ID, letters of
    authority and regulatory statement
  • Summary of recommendations and benefits
  • Response Form Prepaid Envelope

13
How to write each part of your report
  • Which parts you could/should personalise??
  • Introduction, including when and where you met
  • Detail of the reason for the initial enquiry /
    review / why you are communicating ?
  • Current circumstances and financial details,
    including loans, wills, health, inheritances,
    etc. personal to client
  • Needs Aspirations
  • Summary of recommendations and benefits
  • Response Form Prepaid Envelopemore on this
    later!   
  •   

14
How to write each part of your report (cont)
  • Which parts you should/could automate??
  • Attitude to Investment Risk
  • (Low Risk/Balanced/High, Allocations of cash
    resources, Proportions / interest areas/ Ethical
    Restrictions/ Spousal/Partner differences)
  • Existing Arrangements (including State Benefits)
  • Tabulate them and understand why each plan was
    established. Letters of Authority for existing
    plans
  • Shortfalls (possibly cash flow modelling)
  • Objective and limits, such as capital or budget
    restrictions, Priorities in order
  • Solutions(s) Changes recommended
  • Not necessarily buying a new plan, but holistic
    approach to solve issue/put client on track
  • Asset allocation
  • Reference to risk profile, allocation made and
    link between both
  • Charges your fees (initial and on-going)
  • CAR into the future, when does your client want
    reviews and the cost of their provision.
  • Administration, including ID, letters of
    authority and regulatory statement
  • If the client wants to go with your advice and
    implement the changes recommended, what do they
    need to do to achieve this, cooling off periods,
    access to medical reports, referrals to other
    professionals, such as solicitors, etc.

15
Personalise Automate. Whats best?
  • Work Point 3
  • Open discussion and notes
  • 2 different Scribes please

16
Personalise Automate. Why?
  • Personalise
  • Because your financial planning recommendations
    are a personal report to your client, confirming
    your listening and understanding of their needs,
    aspirations, even desires.
  • Automate
  • Save time costs, increase efficiencies, accurate
    and quick delivery, allows you to develop further
    an existing framework (not re-inventing the wheel
    each time), possible outsourcing potential.
  • Question? When is the last time you reviewed the
    report system you use? Is it still efficient, up
    to date and cost effective?

17
Outsourcing all or part of your Report?
  • One well regarded provider suggests the benefits
    of outsourcing could be
  • Access to highly qualified / experienced
    paraplanners (Chartered or Certified)
  • Wide view of the industry, not just your company
    view
  • Cost benefits no NI / pension contributions /
    exam fees / Holiday / maternity cover not
    required (unless an individual used, rather than
    a company)
  • Flexibility quiet periods smaller cost, not
    full wage bill

18
Outsourcing all or part of your Report?
  • Work Point 4
  • Open discussion
  • Does outsourcing work for you? What are your
    experiences?
  • All or part of the Report?

19
Benefits Shortfalls
  • Do templates work for you and why / why not?
  • Who should prepare/check the report?
  • Who should deliver the report?
  • How should it be delivered?
  • What is most cost effective to your business
    why?

20
When should you issue your report?
  • Before or after the advice and possible
    implementation has been completed?
  • The FSA suggest that it can be issued promptly
    after completion of an application, but is this a
    good business model?
  • Issuing a Report before a second meeting allows
    clients to understand more fully the
    recommendations being made and to challenge any
    inaccuracies? It is better to do this before any
    agreed action rather than after!  

21
Response Form - A must!
  • Why?
  • Because it is a way of demonstrating (and
    documenting) on file that the client has read and
    either agreed with your recommendations or asked
    for changes to part or all of your report.
  • Great paper log of clients commitment to your
    planning.
  • An ISO22222 standard.

22
Presenting the Report Orally Implementation
  • Does it make sense?
  • The report must be readable, both for the
    client and the presenter / adviser
  • You know the client
  • If their grasp of all things financial is good,
    then see how far they want you to go into the
    report and if they have questions
  • If they are likely to find the process
    difficult (or simply boring!) then have empathy
    in walking through the report to reach agreement

23
. . . but what works for you? Report Delivery
Implementation
  • Work Point 5
  • Best practice / Open discussion

24
Conclusions
  • We have seen today that we are all different and
    we all have different clients, markets, styles,
    processes and expectations.
  • I hope that as a minimum you have taken away at
    least one idea that you can implement into your
    practice going forward..
  • Work Point 6
  • Write down one main idea you have learnt today
    that you could implement successfully

25
Conclusions
  • There is no one conclusion to what a good report
    looks like, but whatever you do make it personal
    to the recipient
  • Dont be scared of change. Our profession cannot
    do anything else but change, especially in the
    coming months
  • If you have colleagues in other practices that
    you know (and trust) then share best practice
    with them. They will welcome and benefit from the
    interaction
  • Above all, be proud of your financial planning
    Reports and ensure that your team,
    administrators, advisers and para-planners
    understand each aspect of your advice process,
    how they fit into this process and do the same!

26
Any Questions??
  • Thank you
  • Keith Churchouse FPFS
  • Chartered Financial Planner, ISO 22222 Certified
    Financial Planner
  • Director, Chapters Financial Limited
  • Author of Sign Here, Here and Here! Journey of a
    Financial Adviser

27
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