Accredited Financial Planning Firms Conference 2013 Thursday 7
March 2013
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Welcome Nick Cann CFP CM IFP
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Session one: The nuts & bolts
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VAT & financial services Richard Stradling Baker Tilly
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VAT AND FINANCIAL SERVICES Richard Stradling Associate
Director
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VAT AND FINANCIAL SERVICES A reminder the law EU legislation
Directive 2006/112/EC, Art 135(1)(b)-(g) UK legislation VATA 1994,
Sch 9 Group 5 Item 6 The provision of intermediary
services.............. (whether or not any such transaction is
finally concluded) by a person acting in an intermediary
capacity
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VAT AND FINANCIAL SERVICES What are intermediary services? The
bringing together of persons seeking to receive and persons seeking
to provide financial services; together with The performance of
work preparatory to the conclusion of contracts..... Intermediary
services do not include; Market research Product design Advertising
Promotional services
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VAT AND FINANCIAL SERVICES The impact of RDR HMRCs view
1.gather information about the customer (fact-find) 2.carry out
research to find suitable investment options 3.provide the customer
with reports, financial health-checks, forecasts 4.recommend
specific investment products to the customer, including prices
5.act between the product provider(s) and the customer with a view
to arranging a sale 6.where applicable, ongoing review
service,
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VAT AND FINANCIAL SERVICES The impact of exemption No
requirement to register unless making taxable supplies over
threshold No recovery of VAT on costs Supplies to clients within
the EU outside the scope of UK VAT Supplies to clients outside the
EU outside the scope of UK VAT with recovery Where supplies are
mixed, partial recovery of VAT on costs VAT recovery Partial
Exemption methods
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VAT AND FINANCIAL SERVICES 2008 Baker Tilly UK Group LLP, all
rights reserved Baker Tilly Tax and Advisory Services LLP, Baker
Tilly UK Audit LLP, Baker Tilly Corporate Finance LLP, Baker Tilly
Restructuring and Recovery LLP and Baker Tilly Tax and Accounting
Limited are not authorised under the Financial Services and Markets
Act 2000 but we are able in certain circumstances to offer a
limited range of investment services because we are members of the
Institute of Chartered Accountants in England and Wales. We can
provide these investment services if they are an incidental part of
the professional services we have been engaged to provide. Baker
Tilly & Co Limited is authorised and regulated by the Financial
Services Authority to conduct a range of investment business
activities. Richard Stradling Associate Director
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PI insurance, Keydata & Arch Cru Jamie Newell IFA Solutions
Damian McPhun Beale & Company Solicitors LLP
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NOT ALL PROFESSIONAL INDEMNITY POLICIES ARE CREATED EQUAL A
talk by Jamie Newell of IFA Solutions to IFP Accredited Financial
Planning Firms 7 th March 2013 Hilton London Kensington
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Changes to the marketplace 3 main providers of PII to Financial
Planners have withdrawn from the market The purchase and provision
of PII has become commoditised since the economic downturn The
costs of implementing RDR Many PII providers know this!!!
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Changes to policy wordings Introduction of new policy language
and terms Is your policy FSA compliant? Is your excess transparent?
Are you fully aware of your claims notifications and conditions?
Does your policy have a full insolvency exclusion?
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Changes to policy wordings Introduction of new policy language
and terms Is your policy FSA compliant?
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Changes to policy wordings Introduction of new policy language
and terms Is your policy FSA compliant? Is your excess
transparent?
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Changes to policy wordings Introduction of new policy language
and terms Is your policy FSA compliant? Is your excess transparent?
Are you fully aware of your claims notifications and
conditions?
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Frequently Asked Questions and Myths Claims made not losses
occurring Limit of Indemnity costs inclusive Retroactive Date
Product Exclusions UCIS
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IFP Accredited Financial Planning Firms PII Facility via IFA
Solutions Average Premium Saving 22.9% Claims Notification Clause
FSA DIC Clause Transparent Excess Fully retroactive Pro bono work
Regulatory Investigations Costs Newly Acquired, Merged firms auto
included Refer to Policy Wording for full terms and conditions
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Platform due diligence Gillian Hepburn Platform People
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Platform Due Diligence Nuts & Bolts
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Due Diligence What? How? Why?
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What? Not: A provider booklet (although helpful start) A file
full of FSA docs A decision based on the ranking tables Mobile
phone/ purchasing a car? Is: Based on the way you wish to provide a
client service A significant decision A robust comparison (based on
knowledge & research) Selection (Primary/Secondary) or a
platform review Outcome and Application: Appropriate platform
selection FSA Compliant Documentation Consistent application in the
business Improved efficiency & control Reduced PI costs
Increased Value Multiple What?
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Why? FSA Comments: Clear segmentation of the client bank and
effective matching of firm services and platform selection
(following good due diligence) can be a beneficial approach
(PS11/9) Market developments.mean periodic reviews may be required
Very rare, if possible at all, that a firm could use a single
platform for all of the investment business of all of its clients
Key risk: firms failure to carry out adequate due diligence or
align the platform with the client base Good business practice:
Reduces business risk Right platform can improve processes, reduce
time and support the proposition Significant costs to move Avoids
fines (Moneywise) Delivery of a High Quality Client Proposition:
Client reporting Reports Reviews Investment proposition Why?
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How? Strategic Filters e.g. Life Office v Independent
Commitment and scale Referrals Dealing and custody only Client
Service Proposition: Influence of Segmentation Reviews and reports
Additional services e.g. Tax planning Investment Proposition:
Models DFM (On or off platform?) Active v Passive Rebalancing ATR
and Asset allocation Comparison of your functional requirements vs
Platforms Define functional requirements H/M/L to deliver
proposition Which platform best suits - might be per segment?
Charges? Timing Initial platform decision Annually - FSA good
practice Business mergers New clients Change to proposition Market
changes e.g. new entrants Support Online comparison tools
Consultants Service provider How?
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Questions? Who owns the Client? Is one Platform okay?
Requirements for DFM Due Diligence? Ensuring Alignment of
Investment Tools and Solutions? On or off Platform Tools? Charges
Comparison? What shape are YOU in?
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Session two: The 18 things that super-successful business
owners know & do Nigel Botterill Entrepreneurs Circle
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Refreshment break
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Accredited Financial Planning Firms Conference 2013 Thursday 7
March 2013
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Session three: Sustainable, profitable & predictable growth
post regulation Daniel Richards Insight Marketing &
YourIFA.co.uk
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth 3 ways every firm here can protect clients and
generate quality new ones...
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Every firm can implement these ideas... 1)Website
and blog 2)Mobile Websites 3)Referral generation Free 1:1 available
no obligation, focussed on you, so you get best value...
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth 1) Your website + I-blog How does your website
make you react?
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Fundamental SEO to generate visitors to your
website How to easily manage social media with the unique and
proven I-Blog Everyone can do these two steps
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Weve all been sold a myth...
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth What is Search Engine Optimisation?
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth If they cant find you, they wont come. SEO basics
a)page title b)meta description c)Keywords, h1 and h2 d)Google
places
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth SEO every page on your website. a)Page Title
b)Meta Description c)H1 d)H2 e)H3 f)Keywords in body
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth If they cant find you; they wont come.
http://www.google.com/places/
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Now that Ive found you, what do I do? Converting
visitors..... Dos Vouchers Soft Offers Meeting request with value
Use forms to capture data Webinars Donts X Have nothing X Distract
X Send people off your site X Have out of date invitations X
Complicate it
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Other ways to market.... 1)PPC 2)Email marketing
3)Dont ignore offline marketing 4)Webinars 5)Backlinks
6)Iblogs/social media
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth A few facts: (courtesy of Hubspots Marketing
Benchmarks report)Hubspots Marketing Benchmarks report B2B
companies that blog only once or twice a month generate 70% more
leads than those who dont blog. Companies that increase blogging
from 3-5 times a month to 6-8 times per month almost double their
leads. Are blogs really important?
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth What is a blog?
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth 6 reasons to have a blog .
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth 6 compelling reasons for the I Blog 1)It saves
hours every week. One post updates everything including all social
media and your APP 2)Increased traffic to your website 50% +++
3)You are in control Content creation made easy 4)Full training
free 5)Low, low cost I-Blog just 950 6)Proven results proven
savings in operational time
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Are all blogs the same? - Here is a common
mistake
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Oh! Here it is.... But it will not work like
this
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth How it could be working.
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Gain difficult web rankings; easily
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Increased traffic often by 50% or more!
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth One post updates everything
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth One post updates everything
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Update Everything Including Your App
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Google Alerts plus other portals..
http://accountancyprofession.com/ http://www.bbc.co.uk/
http://www.telegraph.co.uk/ Plus many other industry specific
sources in a few minutes searching....
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innovative growth Mobile websites for a changing world 50% of local
searches are performed on a mobile device 183% increase in last 2
years in Europe for mobile share of web traffic 27% open rate from
our last e-shot! 327 empire state buildings everys!
www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Proven, precise and comfortable. We are making
some assumptions this morning, that you are already: Providing a
great service to your current clients You have profiled your
customer base You have a strategy in place to communicate with them
(email, direct mail) You may have connected with them on LinkedIn
or Social Media You get some business through WOM and
Referrals
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Making referrals easy and comfortable Removing
the fear, or awkward moment when you ask for a referral, it goes
quiet and your heart sinks!
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Using LinkedIn to pin point referrals
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Find the client you are about to meet.....
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Find the people they know, that you want to do
business with....
www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Turning conversation into currency We generate a
return ONLY once the engagement goes offline. Therefore it is
critical to have a defined & integrated offline strategy to get
ROI from your social networking.
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www.insight-marketing.com | 0800 8030826 | proven yet
innovative growth Next Steps and Q&A.... Free no obligation
website, I-blog or App demo from the comfort of your own desk Free
1:1 by phone for confidential, expert, no obligation review of your
firms marketing 07879 654191
[email protected]@insight-marketing.com
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Lunch is now available in the West Eleven Restaurant Please
take a few minutes either before or after lunch to have your photo
taken.
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Accredited Financial Planning Firms Conference 2013 Thursday 7
March 2013
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Session four: The Accredited Financial Planning Firms TM
register Nick Cann CFP CM
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Round table Q&A If you havent yet had your photo taken,
please visit the Antony the photographer. Hes available until
15:30.
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Accredited Financial Planning Firms Conference 2013 Thursday 7
March 2013
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Thats it! Thanks for coming; we hope youve enjoyed today. Youll
shortly receive a post event survey via email and wed really
appreciate your feedback. Have a safe journey home.