Accredited Financial Planning Firms Conference 2013 Thursday 7 March 2013.

Accredited Financial Planning Firms Conference 2013 Thursday 7 March 2013

Welcome Nick Cann CFP CM IFP

Session one: The nuts & bolts

VAT & financial services Richard Stradling Baker Tilly

VAT AND FINANCIAL SERVICES Richard Stradling Associate Director

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

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

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,

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

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

PI insurance, Keydata & Arch Cru Jamie Newell IFA Solutions Damian McPhun Beale & Company Solicitors LLP

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

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!!!

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?

Changes to policy wordings Introduction of new policy language and terms Is your policy FSA compliant?

Changes to policy wordings Introduction of new policy language and terms Is your policy FSA compliant? Is your excess transparent?

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?

Frequently Asked Questions and Myths Claims made not losses occurring Limit of Indemnity costs inclusive Retroactive Date Product Exclusions UCIS

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

Platform due diligence Gillian Hepburn Platform People

Platform Due Diligence Nuts & Bolts

Due Diligence What? How? Why?

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?

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?

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?

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?

Session two: The 18 things that super-successful business owners know & do Nigel Botterill Entrepreneurs Circle

Refreshment break

Session three: Sustainable, profitable & predictable growth post regulation Daniel Richards Insight Marketing & YourIFA.co.uk

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth 3 ways every firm here can protect clients and generate quality new ones...

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...

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth 1) Your website + I-blog How does your website make you react?

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

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Weve all been sold a myth...

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth What is Search Engine Optimisation?

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

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

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth If they cant find you; they wont come. http://www.google.com/places/

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

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

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?

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth What is a blog?

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth 6 reasons to have a blog .

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

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Are all blogs the same? - Here is a common mistake

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Oh! Here it is.... But it will not work like this

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth How it could be working.

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Gain difficult web rankings; easily

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Increased traffic often by 50% or more!

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth One post updates everything

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Update Everything Including Your App

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....

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth

2) Mobile Websites

www.insight-marketing.com | 0800 8030826 | proven yet 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 3) Referral generation finally made easy

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

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!

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Using LinkedIn to pin point referrals

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth Find the client you are about to meet.....

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 2 final ideas... Apps & Coffee! www.yourifaapp.co.uk

www.insight-marketing.com | 0800 8030826 | proven yet innovative growth

The importance of coffee....!!

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.

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

Lunch is now available in the West Eleven Restaurant Please take a few minutes either before or after lunch to have your photo taken.

Session four: The Accredited Financial Planning Firms TM register Nick Cann CFP CM

Round table Q&A If you havent yet had your photo taken, please visit the Antony the photographer. Hes available until 15:30.

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.

Accredited Financial Planning Firms Conference 2013 Thursday 7 March 2013.

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Transcript of Accredited Financial Planning Firms Conference 2013 Thursday 7 March 2013.