The Operational Best Practice Linked In Presentation


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Why Only Best Practice Makes Perfect!

A guide for Financial Services Firms

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The Operational Best Practice Linked In Presentation

  1. 1. How to create Operational Best Practice! A firms guide to getting it right...first time! Michelle Hoskin Author of Best Practice Makes Perfect!
  2. 2. Hi... from me! Twitter: #ISO22222
  3. 3. Areas of expertise! The challenges facing even the profession’s best! Why operational best practice is the only way to go! The Operations Management System™ Diary, task and workflow management for the real world Why Only Best Practice makes PERFECT ISO 22222 Certification – An insight and benefits! BS 8577 – Certification – An insight and benefits!
  4. 4. Your biggest operational challenges.. Lack of operations management processes, procedures and house style Under resourced, inadequately skilled and poorly trained staff Poor team/people management, leadership and development skills Inefficient workflow and task management systems Ineffective time and diary management
  5. 5. So 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 clientsBut... We over complicate business because we don’t have a plan We recruit, train and performance manage badly We change the culture and/or the structure to suit the people! Not natural business owners, managers or administrators
  6. 6. The Operations Management System ™ Three Main Levels  Level 1 – Management System  Level 2 – Processes and procedures  Level 3 – Master Copy Documents
  7. 7. The Operations Management System ™ The Business Bible – The E-Myth Key areas:  Overview of the company, aims, objectives, vision and policies  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
  8. 8. The Operations Management System ™ 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 ™
  9. 9. The Operations Management System ™ A few examples:
  10. 10. 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
  11. 11. 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
  12. 12. 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?
  13. 13. 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
  14. 14. The Time and Task Management System The Process  Build the right support structure  Create your business review process  Effective handovers – be clear on instructions  Create your master to do list  Be clear on priorities and deadlines  Plan your diary and schedule  Protect yourself and your workspace  Don’t procrastinate – a task started and not finished is a complete waste of your time
  15. 15. You’re perfect, so stay that way! The Process  Two areas of continual improvement: o The Business o and you!  Plan, Do, Check and Act  Feedback – Positive and Negative (capture them both)
  16. 16. Continual Improvement Business  Adopt the principles of ISO 22222 & BS 8577  Continually strive for “best” everything!  Constant questioning – How can we improve?  Have ‘stupid’ meetings and reward improvements made  Implement a continual improvement policy  Inspire others to improve
  17. 17. Continual Improvement The Process:
  18. 18. Continual Improvement The Logs
  19. 19. 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
  20. 20. 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!
  21. 21. ISO 22222 - An insight and benefits! 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
  22. 22. ISO 22222 - An insight and benefits! How?  Eligibility Application Form  Training and Gap Analysis Workshop & 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
  23. 23. BS 8577 – Launched 2012! Framework for the provision of financial advice and planning services  Our Role - lead on the BSI Committee  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
  24. 24. 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
  25. 25. Standards international - Who we are? Established in June 2007 (Pilot Scheme launched in April 2006) World leading certification body - in financial services standards UKAS Accredited to ISO 17024 & working towards ISO 17065 We work with the profession’s leading advisers Pioneering Best Practice – added value Independent and privately owned - Unique Offering Work done so far:  Awareness Campaigns - Professional and Consumer  International and national presentations and The Book  Partnerships - Profession Wide  The Approved Associate Programme (AAC)  Value Benefits Guarantee  Lead on the development committee - BS 8577 (The Firm Standard)
  26. 26. So what next? Get going:  Create Change - don’t just manage it!  Engage the team and I mean all of the team!  Allocate responsibilities and create a plan  Start the project and constantly review progress  If you need help...ask for it!  And then ... 3rd party expert validation!
  27. 27. Help & Further Information...? Please contact me or a member of my team: Tel: 0044 (0)1462 790894 Email: Web: Twitter: