why only best practice makes perfect!
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Why Only Best Practice Makes Perfect!
5th March 2013 - London
Twitter: @ISO22222
Michelle Hoskin
Director, Standards International
Author of Best Practice Makes Perfect!
Event #: #BPMP13LinkedIn: standardsexpert
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
Introduction...
Company and location Your role Why you are here?
Name
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
What is holding us back?
Procedures and House Style
Resources and Skills
Leadership and Management
Work and Task Management
Time and Diary Management
The 7 Key Business Streams™
Financial Management
Human Resource Management
Financial Advice & Planning Services
Business Management
Client Management
Marketing and Business Development
Technology
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
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
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
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
Jon Pittham – ClientsFirst
‘Quality’ communications build ‘Quality’ relationships!
5 Proven Principles for Perfection™
Culture is the set of shared attitudes, values, goals, and practices which characterise an institution, organisation or group
Principle for Perfection #1
Design and build your unique team!
Principle for Perfection #2
Principle for Perfection #2 cont...
Vision Strategic Goals
Purpose
Objectives Policies and Procedures
Plan
Principle for Perfection #2 cont...
Values Personality
Technical Skills
Attitude Attributes
Work Ethos =
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
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...
Principle for Perfection #3 cont...
What?
Client & Service Operations Team
Business Management
When?
Quarterly Monthly Weekly
Annual
How?
Technical Administration Debrief
Management
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™
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...
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...
The Operations Management System ™
A few examples:
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 ™
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
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?
Mary Knapman – Accuracy Matters
Because Accuracy Matters!
Principle for Perfection #5
The Process
Two areas of continual improvement:
o The Business
o and you!
Feedback - Positive and Negative
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...
Continual Improvement The Process:
Continual Improvement The Logs
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
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!
Tony Richardson – Octree
How to protect your most valuable asset?
Insights of the day …
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 ....
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: [email protected]
Further Information?
