MDRT - Canada Presentation (April 2013)

Create and

Lead a 21st

Century Century

Practice

Michelle HoskinAuthor of Best Practice Makes Perfect!

“Our deepest fear is not that we are

inadequate. Our deepest fear is that we

are powerful beyond measure.

It is our light, not our darkness, that It is our light, not our darkness, that

most frightens us” Timo Cruz

Day-to-Day Complexities

Resources and Skills

Work and Task Management

Principles for Perfection!

Unique Team

Receptive Delegation

Procedures and House Style

Leadership and Management

Time and Diary Management Eliminate Complexities

Operational Excellence

Best Practice

Unique

TeamTeam

Principle for Perfection #1

� Design and build your unique team!

� Values

Unique Team

� Personality

� Technical skills

=� Personality

� Work ethos

� Attitude

=

� Attributes

Skills and Attributes Shareholder/Owners Financial Adviser/Planner Practice Manager

IT and Systems

Internet Explorer, Outlook, PowerPoint, Word, Excel Desirable Desirable Essential

Hardware and software systems (general) Desirable Desirable Essential

CRM/document management Desirable Desirable Essential

Financial Services

Qualifications (Level 3 - FC, CF; or Level 4 - Diploma or equivalent) Desirable Essential N/A

Numerate and analytical Essential Essential Essential

Interest in the subject Essential Essential Essential

Understanding and/or experience of portfolio analysis Desirable Essential DesirableUnderstanding and/or experience of portfolio analysis Desirable Essential Desirable

Understanding and/or experience of pension analysis Desirable Essential Desirable

Understanding and/or experience of investment understanding Desirable Essential Desirable

Understanding and/or experience of risk analysis Desirable Essential Desirable

Understanding and/or experience of gap analysis Desirable Essential Desirable

Understanding and/or experience of pension transfer analysis Desirable Essential Desirable

Understanding and/or experience of financial forecast analysis Desirable Essential Desirable

Understanding and/or experience of cash flow modelling Desirable Essential Desirable

Understanding and/or experience of final salary forecast CETV analysis Desirable Essential Desirable

Understanding and/or experience of key man analysis Desirable Essential Desirable

Understanding and/or experience of family protection Desirable Essential Desirable

Understanding and/or experience of inheritance tax Desirable Essential Desirable

Understanding and/or experience of trusts and wills Desirable Essential Desirable

Understanding and/or experience of portfolio model creation Desirable Essential Desirable

� Role overview and key responsibilities

� Relationship with existing team

� Attributes and skills

� Package and benefits

� Company overview

Personal Vacancy Specification Form

� Package and benefits

The Recruitment PlanKey Step

W1 W2 W3 W4 W5 W6

Create recruitment timeline and agree with all staff

Collate all role documentation ready for the recruitment process

Create Personal Vacancy Specification Form (PVSF) for the open role

Select and make initial contact with recruitment sources and negotiate terms

Send Personal Vacancy Specification Form and recruitment timeline to all selected recruitment sources

Agree and set closing date for application

Review all CVs and select shortlist of candidatesReview all CVs and select shortlist of candidates

Feed back to agencies (if required) and contact selected candidates to arrange first interviews

Carry out first interviews with shortlisted candidates

Review interviewed candidates and feed back to recruitment sources

Arrange second interviews

Carry out second interviews

Carry out Kolbe profile

Review interviewed candidates and Kolbe profiles and feed back to recruitment sources

Create work-based assessment interview programme and documents and arrange third interview if required

Carry out third interviews

Unique

TeamTeam

Receptive

DelegationDelegation

� Culture is the set of shared attitudes, values, goals and practices which

characterise an institution, organisation or group

Culture

It’s an open road...

� Vision

� Strategic goals

� Purpose

� Objectives

� Plan

� Objectives

� Policies and procedures

� Incentives and bonus

� Flexible working

� Holiday and free days

� Health programmes

� Awards

Reward and Recognition

� Health programmes

� Thank you!

Receptive

DelegationDelegation

Eliminate

ComplexitiesComplexities

� 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

The Time and Task Management System™

� Lists and structure are crucial to your success

� There is always a better way of doing something...so find it!

� Use the right tools

� Agree and communicate your decision standards

� Build the right support structure

� Create your business review process

� The process

� Effective handovers – be clear on instructions

Delegate correctly

Eliminate Complexities

� Delegate correctly

� Be clear on priorities and deadlines

� Plan your diary and schedule

� Protect yourself and your workspace

� Don’t procrastinate

What?

� Clients and services

� Operations

� Team

� Business management

Business Review Process

When?

� Quarterly

� Monthly

� Weekly

� Annually

How?

� Technical

� Administration

� Debrief

� Management

Operational

ExcellenceExcellence

� Level 1 – Management system

� Level 2 – Processes and procedures

� Level 3 – Master copy documents

� Three main levels

The Operations Management System™

� Overview of the company, purpose, vision, goals, plans, objectives, etc

� Business review process

� Key areas

� HR management, recruitment and training

� Continual Professional Development and Education (CPDE) and compliance

The Operations Management System™

� Continual Professional Development and Education (CPDE) and compliance

� Business administration and document control

� Information security, risk management, business continuation

� IT structure, set-up and tools

� Clients, service, charging and marketing

� Identify who does what (Activities Inventory and Task Tracker)

� What is your desired outcome?

� Key steps

� How is it best documented?

The Operations Management System™

� 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™™™™

� A few examples

The Operations Management System™

� They meet contractual, statutory and regulatory guidelines

� They have a unique reference number and have been authorised

� Make sure

� They are clear and concise, simple and understandable, tested and amended,

quality controlled and well communicated

The Operations Management System™

quality controlled and well communicated

� They have quality at the core!

� They have interrelated and interactive processes

� You create a library of templates, letters, emails and forms

� Telephone and email enquiries

� Client hospitality

� A few to think about

� First meeting confirmation and information

The Operations Management System™

� Conducting a first meeting and follow-up

� Information gathering and business implementation

� Report writing and creating a financial plan

� Client file management

Best

PracticePractice

� The process

� Two areas of continual improvement:

o The business

o You!

Continual Improvement

� Feedback – positive and negative

� Adopt the principles of BS ISO 22222:2005 and BS 8577:2012

� Continually strive for “best” everything!

� Business

� Constant questioning – how can we improve?

Communicate and reward for improvements made

Continual Improvement

� Communicate and reward for improvements made

� Implement a continual improvement policy

� Inspire others to improve

� The process

Continual Improvement

� The logs

Continual Improvement

� Clients, colleagues, professional partners and introducers

� Feedback comes from

� Professional bodies and the regulator

� Feedback can be

Continual Improvement

� Quantitative or qualitative

� Feedback can be

� Formal or informal

� Verbal or written

� 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

Continual Improvement

� If negative, resolve as soon as possible

� Feed back to the feedback giver about action taken and follow-ups

� Review all feedback regularly – at monthly meetings?

� Feedback needs top management buy-in!

Unique Team

Receptive Delegation

Eliminate Complexities

Operational Excellence

Best Practice

Eliminate Complexities

So What Next?

� Allocate responsibilities and create a plan

� Create change – don’t just manage it!

� Start the project and constantly review progress

� Engage the team

� Start the project and constantly review progress

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Limited number of copies available...TODAY!

Please contact me or a member of my team:

Tel: +44 (0)1462 790894

Further Information?

Web: www.standardsinternational.co.uk

Twitter: http://twitter.com/SIISO22222

LinkedIn: http://uk.linkedin.com/in/standardsexpert

Email: enquiries@standardsinternational.co.uk