TCF and investment services for clients

1
TCF and investment services for clients
John Porteous BDO Stoy Hayward
2
What does TCF mean for us?
3
Initial conclusions

• TCF is not a product
• TCF is not treating everyone identically
• TCF is not technology
• TCF is not just process

No single measure in isolation
4
Focus on the outcomes..

• Treating the client as an individual
• But
• Delivering a consistent investment process
• Basing it on consistent inputs
• Accepting that nothing lasts forever.

What do we want the customer experience to look
like?
5
Where do you start?

• Consultant traditionally views role as
  investment adviser
• House view is typically advisers view
• Reviews are defined by personality
• Too much emphasis on initial advice

6
We had all the bits

• In house investment team
• CIO
• Economic Overview
• Analysts
• Multi-Asset, Asset Allocation Model
• Discretionary powers
• Clear investment philosophy

7
Big Decisions

• Keep investment management in house
• Invest in the proposition
• Make technology work for us
• Fundamental belief in active investment at core
• Segment proposition

8
First Steps

• Define proposition
• Agree nature of engagement
• Cost it consistently transparently
• What is included and whats not
• Ensure that this is deliverable

9
At a high level
10
Thats not enough
1 Strategy 2 Taxation 3 Review
11
The Future key deliverables

• Robust management information that informs policy
• Consistent review experience
• Redefine our relationship with clients
• Financial planners
• Interpret policy
• Adapt to individual client needs

12
A lesson learned
The only man I know who behaves sensibly is my
tailor he takes my measurements anew each time
he sees me.  The rest go on with their old
measurements and expect me to fit them.  George
Bernard Shaw
13
Conclusions

• Different business model but similar issues
• Begin with the end in mind
• Keep an eye on the big picture
• The links in the value chain are crucial
• Dont throw the baby out with the bathwater

TCF could be the biggest opportunity to define
your business
14
Important Information

• BDO Stoy Hayward Investment Management Limited is
  authorised and regulated by the Financial
  Services Authority.
• This presentation is intended solely for the use
  of the persons to whom it has been delivered by
  BDO Stoy Hayward Investment Management Limited
  and is not to be reproduced or distributed to any
  other persons
• John Porteous contact details
• Tel [phone]
• Email john.porteous_at_bdo.co.uk