best practice quarterly meeting · marketing material for professional investors or advisers...
TRANSCRIPT
![Page 1: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/1.jpg)
Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only.
Keith Hare, Corporate Development Director
Best Practice – To 2020 and Beyond
Best Practice Quarterly Meeting
December 2019
![Page 2: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/2.jpg)
Thank you!
![Page 3: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/3.jpg)
![Page 4: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/4.jpg)
Our Vision – Since 2003
NO COMPROMISE
![Page 5: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/5.jpg)
09/12/2019
4
![Page 6: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/6.jpg)
Key drivers in our industry
5
Move fromProduct / Investment Sale
to Value Proposition
Increasing Regulatory
Burden
Need for Structured Succession Planning
Embedding Digital Advice is
becoming critical
![Page 7: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/7.jpg)
Group5 Year Focus
1. Help existing firms grow and
prosper
2. Recruit high quality firms into
Best Practice
3. Facilitatenon-disruptive
succession planning for BP Member firms
4. Drive innovation and
automation through
technology
5. Continue to scale the
business in the right way
6. Build and grow
innovative investment solutions
Benchmark Group Strategy
![Page 8: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/8.jpg)
5 things financial planners are losing sleep over(and why you shouldn’t!)
![Page 9: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/9.jpg)
![Page 10: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/10.jpg)
Opportunities and challenges for the next 3 years
Better marketing to existing client bank Buy another business / book of business Defend against ‘robo-advisers’ / D2C Improve financial management and controls Improve relationships with professional connections Improve the overall client experience Spend more time advising Join up the technology dots Manage and build the firm’s reputation Manage cash more effectively within the business Manage growth Mandate common processes throughout the firm Move to fixed fees Protect against market volatility Recruit new advisers Recruit and retain the right talent Reduce risk and uncertainty in the business Selling the business (or positioning for sale) Stay ahead of the game Streamline the investment / risk process Sustain or increase average fee levels Regulatory pressures
![Page 11: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/11.jpg)
Opportunities and Challenges for the next 3 years VitalVery
ImportantQuite
Important
1 Stay ahead of the game 7 8 2
2 Make me look great in front of the client 3 11 3
3 Recruit and retain the right talent 5 6 1
4 Manage / build the firm's reputation 2 11 3
5 Mandate common processes throughout the firm 4 6 5
6 Sustain or increase average fee levels 3 8 4
7 Join up the technology dots 2 9 4
8 Better marketing to existing client bank 1 11 1
9 Streamline the investment / risk process 1 10 5
10 Manage growth 2 7 511 Reduce risk and uncertainty in the business 1 9 4
12 Recruit new advisers 4 3 2
13 Improve relationships with professional connections 3 3 5
14 Protect against market volatility 0 7 6
15 Spend more time advising 1 4 7
16 Defend against "Robo-Advisers" / D2C 0 4 6
17 Improve financial management and controls 1 1 8
18 Move to fixed fees 0 3 3
19 Buy another business / book of business 1 1 3
20 Manage cash more effectively within the business 0 2 3
21 Selling the business (or positioning for sale) 0 1 7
![Page 12: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/12.jpg)
Opportunities and Challenges for the next 3 years Vital Very
ImportantQuite
Important
1 Stay ahead of the game 7 8 2
2 Make me look great in front of the client 3 11 3
3 Recruit and retain the right talent 5 6 1
4 Manage / build the firm's reputation 2 11 3
5 Mandate common processes throughout the firm 4 6 5
6 Sustain or increase average fee levels 3 8 4
7 Join up the technology dots 2 9 4
8 Better marketing to existing client bank 1 11 19 Streamline the investment / risk process 1 10 5
10 Manage growth 2 7 5
11 Reduce risk and uncertainty in the business 1 9 4
12 Recruit new advisers 4 3 2
13 Improve relationships with professional connections 3 3 5
14 Protect against market volatility 0 7 6
15 Spend more time advising 1 4 7
16 Defend against "Robo-Advisers" / D2C 0 4 6
17 Improve financial management and controls 1 1 8
18 Move to fixed fees 0 3 3
19 Buy another business / book of business 1 1 3
20 Manage cash more effectively within the business 0 2 3
21 Selling the business (or positioning for sale) 0 1 7
![Page 13: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/13.jpg)
12
Demonstrating your value
![Page 14: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/14.jpg)
Advice Platform Discretionary Management
Asset Management Product
The Financial Planning ‘Supply Chain’
RDR has moved control in this direction
![Page 15: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/15.jpg)
Trust and integrity
30%
Knowledge and professionalism
21%
Providing good investment
returns20%
Simple fees / I know what I'm
getting11%
Everything else18%
Sources:Investec Wealth Annual Survey 2016-19M Kitcses Annual Client SurveyVanguard Annual Adviser Survey
What do clients value most?
![Page 16: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/16.jpg)
“Top Down” vs“Bottom-Up” Value
15
Your Time
The Financial Plan
Fee Structure
Product and Investment Advice
Culture / What We Stand For
You / Your Firm’s Knowledge and Expertise
Being a “FinancialLife Coach”
Wealth & TaxManagement
![Page 17: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/17.jpg)
![Page 18: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/18.jpg)
Source : Money Marketing / Canada Life, Dec 2019
1. Compliance risk – 72%2. Economic risk – 50%3. Time management – 47%4. Cyber security / Crime – 38%5. Cost disclosure / Margins – 36%6. Managing client expectations – 36%7. Legal risk – 34%8. Operational risk – 32%9. Staffing and retention – 25%10.Competitive risk – 17%
![Page 19: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/19.jpg)
18
![Page 20: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/20.jpg)
“The compliance function operates within anticipated and acceptable tolerances, is producing appropriate outputs and is managing the risks of the business in line with the
business plan risk profile.”
James Lasenby, Compliance Director
![Page 21: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/21.jpg)
Keeping pace withtechnology
![Page 22: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/22.jpg)
21
Does size matter?*
* from a technology perspective
![Page 23: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/23.jpg)
22
![Page 24: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/24.jpg)
23
![Page 25: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/25.jpg)
Making the best use of your most precious commodity
![Page 26: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/26.jpg)
Ensuring your clients are in safe hands
![Page 27: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/27.jpg)
![Page 28: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/28.jpg)
09/12/2019
27
Adviser demographicsin the UK are interesting…
![Page 29: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/29.jpg)
Sell? Stick around?Appoint a successor?
![Page 30: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/30.jpg)
For any selling firm, this is their retirement plan…
![Page 31: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/31.jpg)
There’s lots of cash in the market…
(For now)
![Page 32: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/32.jpg)
Firms are being shown a lot of love
![Page 33: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/33.jpg)
Selling an advice business is a big, complex, potentially confusing decision
![Page 34: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/34.jpg)
Timing is everything!
Many firms look to sell at the wrong time
![Page 35: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/35.jpg)
“Don’t come in here and call my baby ugly…”
![Page 36: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/36.jpg)
Lack of client disruption should be paramount
![Page 37: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/37.jpg)
Cultural alignment equally so…
![Page 38: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/38.jpg)
![Page 39: Best Practice Quarterly Meeting · Marketing material for professional investors or advisers only.Marketing material for professional investors or advisers only. ... 16 Defend against](https://reader034.vdocuments.site/reader034/viewer/2022043007/5f9187d6e165d0705c48d281/html5/thumbnails/39.jpg)
Our commitment to you
38
01 Best Practice will be the primary focus of Benchmark group’s future strategy
02 We will strive to communicate more effectively with you
03 2020 will be the year we get back on the front-foot from a technology perspective
04 We will focus on bringing new services and greater support to help you prosper and grow your businesses