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Why ONLY Best Practice Makes Perfect!
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Why ONLY Best Practice Makes Perfect!



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  • 1. Why Only Best Practice Makes Perfect! 5th March 2013 - London
  • 2. Michelle Hoskin Director, Standards International Twitter: @ISO22222 Event #: #BPMP13Author of Best Practice Makes Perfect! LinkedIn: standardsexpert
  • 3. 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
  • 4. Introduction... Name Company and location Your role Why you are here?
  • 5. 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 clientSo, what does ‘Best’ look like to... Your clients Your team Other stakeholders
  • 6. What is holding us back? Resources and Skills Work and Task Management Time and Diary Management Procedures and House Style Leadership and Management
  • 7. The 7 Key Business Streams ™ Business Management Financial Management Human Resource Management Financial Advice & Planning Services Client Management Marketing and Business Development Technology
  • 8. ISO 22222 - An insight When and Who?  ANSI approached BSI in 2000  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
  • 9. ISO 22222 - An insight How?  Eligibility Application Form  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
  • 10. 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
  • 11. 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
  • 12. Jon Pittham – ClientsFirst‘Quality’ communications build ‘Quality’ relationships!
  • 13. 5 Proven Principles for Perfection ™ Culture is the set of shared attitudes, values, goals, and practices which characterise an institution, organisation or group
  • 14. Principle for Perfection #1 Design and build your unique team!
  • 15. Principle for Perfection #2
  • 16. Principle for Perfection #2 cont... Purpose Vision Strategic Goals Plan Objectives Policies and Procedures
  • 17. Principle for Perfection #2 cont... Technical Skills Values Personality Work Ethos = Attitude Attributes
  • 18. Principle for Perfection #3 The Time and Task Management System™ Doing more with the time you have Remember:  We are not all good at the same things – we are all unique!  Being busy doesn’t mean we are being productive  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
  • 19. Principle for Perfection #3 cont... The Process  Build the right support structure  Create your business review 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
  • 20. Principle for Perfection #3 cont...What?  Business Management  Client & Service  Operations  TeamWhen? How?  Annual  Management  Quarterly  Technical  Monthly  Administration  Weekly  Debrief
  • 21. Principle for Perfection #4 The Operations Management System™ Three Main Levels  Level 1 – Management System  Level 2 – Processes and procedures  Level 3 – Master Copy Documents
  • 22. Principle for Perfection #4 cont... Key areas:  Overview of the company, purpose, vision, goals, plans, objectives etc  Business review process  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
  • 23. Principle for Perfection #4 cont... Key steps:  Identify who does what (AI & TT)  What is your desired outcome?  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 ™
  • 24. The Operations Management System ™ A few examples:
  • 25. The Operations Management System ™ Make sure:  They meet contractual, statutory and regulatory guidelines  Have a unique reference number and have been authorised  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
  • 26. Creating your Operations Management System A few to think about:  Telephone and email enquiries  Client hospitality  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
  • 27. Creating your Operations Management System The Process  Have all key processes been identified and documented?  Are they effective in producing the desired results?  Are they available in both hard and soft copy formats?  Have they been effectively implemented?  Have they been logged and quality controlled?
  • 28. Mary Knapman – Accuracy Matters Because Accuracy Matters!
  • 29. Principle for Perfection #5 The Process  Two areas of continual improvement: o The Business o and you!  Feedback - Positive and Negative
  • 30. Principle for Perfection #5 cont... Business  Adopt the principles of ISO 22222 & BS 8577  Continually strive for “best” everything!  Constant questioning – How can we improve?  Communicate and reward for improvements made  Implement a continual improvement policy  Inspire others to improve
  • 31. Continual Improvement The Process:
  • 32. Continual Improvement The Logs
  • 33. Continual Improvement Feedback comes from:  Clients, colleagues, professional partners and introducers  Professional bodies and The FSA Feedback can be:  Quantitative or qualitative  Formal or informal  Verbal or written
  • 34. Continual Improvement Key Considerations  Be upfront, open and honest about feedback  Collect and record all feedback – review the current methods!  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!
  • 35. Tony Richardson – OctreeHow to protect your most valuable asset?
  • 36. Insights of the day …
  • 37. Now what? Get going:  Create change - don’t just manage it!  Engage with your team  Allocate responsibilities and create a plan  Kick off the project and review progress  REMEMBER, we are here if you need us ....
  • 38. Further Information?Please contact me or a member of my team:Tel: 0044 (0)1462 790894Web: