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!
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
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
The Operations Management System ™ Three Main Levels Level 1 – Management System Level 2 – Processes and procedures Level 3 – Master Copy Documents
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
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 ™
The Operations Management System ™ A few examples:
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
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
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?
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
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
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)
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
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
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!
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
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
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
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
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)
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! www.michellehoskin.com
Help & Further Information...? Please contact me or a member of my team: Tel: 0044 (0)1462 790894 Email: email@example.com Web: www.standardsinternational.co.uk Twitter: http://twitter.com/SIISO22222LinkedIn: http://uk.linkedin.com/in/standardsexpert