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Top tips that Financial Planners can learn from Accountants about running their firms

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Title: PowerPoint Presentation Author: Paul Bailes Last modified by: apfslars Created Date: 8/17/2012 12:02:21 PM Document presentation format: On-screen Show (4:3) – PowerPoint PPT presentation

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Title: Top tips that Financial Planners can learn from Accountants about running their firms


1
(No Transcript)
2
Top tips that Financial Plannerscan learn from
Accountants about running their firms
  • Ian Pickford
  • Partner Mazars LLP
  • Director Mazars Financial Planning Ltd
  • Mazars Employee Benefits Ltd

3
  • In some ways, accountants run similar businesses
    to financial planners, especially in the new
    adviser charging world.
  • Accepting the important differences in their
    professions, this session considers what we can
    learn from accountants business practices.

4
Content
  • Structures, teams and people
  • Succession planning
  • The Business Model and how to charge
  • Professional ethos and training
  • Client retention
  • What do accountants do right and what to avoid

5
Structures, teams and people
  • Do you have the right people doing the right job?

6
Structures, teams and people
  • Your structure should define your team . . .not
    your team define the structure
  • The best goalkeepers dont usually make the best
    centre forwards

7
Structures, teams and people
  • The inverted pyramid

Numberof staff
Highest Staff Cost
8
Structures, teams and people
  • The professional services pyramid

Highest Staff Cost
Numberof staff
9
Structures, teams and people
  • High cost people should be undertakinghigh value
    functions
  • Do you have high cost staff undertaking functions
    that lower cost staffcould deliver?
  • Push as many low cost functions down the team
  • Do your high cost staff deliver value to the
    business?
  • Low cost staff should be highly utilised
  • Where do your high cost staff spend their time
    and what are the results?
  • What KPIs run your business and how are they
    communicated to staff?
  • What does your business structure do that stops
    individuals maximisingtheir output?
  • Productise high frequency and low value processes

10
Succession Planning
  • What are you and your business about?
  • Custodian
  • Are you looking to cash in your chips
  • Choice may lead to a different course of action
  • Although there will be a lot of similarities
  • Build a brand
  • Succession structure
  • Have something to sell!!!

11
Succession Planning
  • What are you and your business about?
  • Have a business that is dynamic
  • Streamline your business
  • Remove waste and in-efficiencies
  • Maintain and demonstrate good cash flow
  • Show improving profit and growth
  • Be place people want to join
  • Training plan and graduate/new starter scheme

12
Business model and how to charge
  • What are your KPIs?
  • New works wins
  • Manage uninvested cash
  • Debt control
  • Billing
  • Identify the KPIs that make your business work
    and manage them religiously

13
Business model and how to charge
  • You need to know what it costs to deliver your
    client work
  • HOW MUCH DOES IT COST YOU TO GIVE ADVICE?
  • Do you know?

14
Business model and how to charge
  • Fees
  • Have a model that suits your proposition
  • Time cost
  • Fixed
  • FUM
  • Contingency
  • Success
  • Or a combination

15
Business model and how to charge
  • VAT
  • Rule of thumb
  • Advice only VAT-able
  • Implementation of financial productsnon
    VAT-able
  • Get professional advice on your client service
    agreements and fees

16
Business model and how to charge
  • Do not start work without a service/fee agreement
    in place, which states explicitly
  • What you will do
  • What the client is responsible for
  • What the fee is and the basis of calculation
  • Dont do anything outside this without amending
    the fee

17
Business model and how to charge
  • Debtors
  • Businesses close down not because of a lackof
    business but a lack of cash flow
  • Collect your debts
  • You are not a charity. a non payeris not a
    good client

18
Business model and how to charge
  • Manage your debtors
  • Have an agreed debtor policy
  • Dont be afraid to go legal
  • Use tools to collect feese.g. DDMs, platforms
    etc.

19
Professional Ethos and Training
  • Are you a Professional Adviser or
    Knowledgeable Salesman?
  • Selling is at the heart of what you do, but
    dont give away your Intellectual Property
  • Do the right thing.if you do why shouldnt
    the client pay!!!

20
Professional Ethos and Training
  • Training
  • Past focus has been on Qualifications
  • New world these are a given!!!!!!!

21
Professional Ethos and Training
  • Maintenance and growth training plan for your
    team which fits your business objectives
  • Important to train soft skills
  • Fee negotiation
  • Marketing
  • Proposition consultancy
  • Meeting skills
  • Technology

22
Client Retention
  • Value 2 way relationships
  • Free clients are not 2 way
  • People tend to value what they pay for
  • Have service agreements and deliver to them

23
Client Retention
  • Professional Clearance
  • Should IFAs operate this approach?

24
What do Accountants do right and what to avoid
  • Right
  • Hierarchy
  • Manage utilisation and cash flow
  • Emphasis on doing the right thing
  • Recognise graduate training

25
What do Accountants do right and what to avoid
  • Avoid
  • Can have a narrow view of the world
  • Advice comfort zones
  • Can have silo mentality
  • Underestimate the value of soft skills training

26
Questions
27
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