1. Why Only Best Practice Makes Perfect!
5th March 2013 - London

2. Michelle Hoskin
Director,
Standards International
Twitter: @ISO22222
Event #: #BPMP13
Author 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

6. Introduction...
 Name
 Company and location
 Your role
 Why you are here?

7. 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 client
So, what does ‘Best’ look like to...
 Your clients
 Your team
 Other stakeholders

8. What is holding us back?
Resources and Skills
Work and Task Management
Time and Diary Management
Procedures and House Style
Leadership and Management

9. The 7 Key Business Streams ™
 Business Management
 Financial Management
 Human Resource Management
 Financial Advice & Planning Services
 Client Management
 Marketing and Business Development
 Technology

10. 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

11. 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

12. 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

13. 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

14. Jon Pittham – ClientsFirst
‘Quality’ communications build ‘Quality’ relationships!

15. 5 Proven Principles for Perfection ™
 Culture is the set of shared attitudes, values, goals, and practices
which characterise an institution, organisation or group

16. Principle for Perfection #1
 Design and build your unique team!

17. Principle for Perfection #2

18. Principle for Perfection #2 cont...
 Purpose
 Vision
 Strategic Goals
 Plan
 Objectives
 Policies and Procedures

19. Principle for Perfection #2 cont...
 Technical Skills
 Values
 Personality
 Work Ethos =
 Attitude
 Attributes

20. 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

21. 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

22. Principle for Perfection #3 cont...
What?
 Business Management
 Client & Service
 Operations
 Team
When? How?
 Annual  Management
 Quarterly  Technical
 Monthly  Administration
 Weekly  Debrief

23. 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

24. 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

25. 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 ™

26. The Operations Management System ™
 A few examples:

27. 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

28. 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

29. 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?

30. Mary Knapman – Accuracy Matters
Because Accuracy Matters!

31. Principle for Perfection #5
 The Process
 Two areas of continual improvement:
o
The Business
o
and you!
 Feedback - Positive and Negative

32. 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

33. Continual Improvement
 The Process:

34. Continual Improvement
 The Logs

35. 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

36. 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!

37. Tony Richardson – Octree
How to protect your most valuable asset?

38. Insights of the day …

39. 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 ....

40. Further Information?
Please contact me or a member of my team:
Tel: 0044 (0)1462 790894
Web: www.standardsinternational.co.uk
Twitter: http://twitter.com/SIISO22222
LinkedIn: http://uk.linkedin.com/in/standardsexpert
Email: enquiries@standardsinternational.co.uk