Implementation the practicalities

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Implementation the practicalities
David Shelton Head of Intermediary Strategic
Planning Clerical Medical
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TCF - Overview
MANAGE PEOPLE
T C F
SET CLIENT EXPECTATION
DELIVER SERVICE
Well-managed advisory practices will only find a
small number of areas that may require change
but EVIDENCE is essential
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TCF perspective
Feedback and complaint handling
Ongoing Service and Communications
Advice Process
Service Proposition
JOURNEY
Terms of Business
CUSTOMER
Treating Customers Fairly
Communication and Promotions
TCF must be business as usual
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TCF leads to improved outcomes for clients

• Confident consumers to enable them to take
  informed decisions
• Products/Services meet needs of customer and are
  targeted accordingly
• Clear information clients informed before,
  during and after sale opportunity to ask
  questions
• Advice is suitable
• Products perform as clients have been led to
  expect associated services are acceptable
• No unreasonable barriers to change product,
  switch provider, or make a complaint

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IFA responsibilities are ..

• Well defined service and pricing policy
• Rigour in the advice process
• Clear communication
• Pre and post sale
• Service agreements and recommendations
• Relevant contact into the future
• Meeting and managing expectations
• Risk and reward
• Recommendations and outcomes
• Service delivery
• Fair and consistent treatment if changes needed
  or complaints arise

Documentation and Evidence
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Senior management responsibilitiesTCF culture
integrated throughout business
Driven from the top
Management commitment controls
ALL staff fully briefed and appropriately trained
Reflected in Reward and Recognition policy
Increased use of Management Information
TCF Strategy and culture linked to behaviour
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Management Information
Client Survey
TCF Scorecard
Review Action Meeting
Draft Implementation Plan
Senior Management Meeting
Confirm Implementation Plan
Process Review
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Generic TCF Key Issues

• Consistency of client treatment and servicing
• Adviser remuneration
• Defining and maintaining fairness
• Demonstrating buy-in and ownership of TCF
  principles through appropriate behaviours
• Handling client queries and complaints
• Training and professional development
• Maintaining and utilising records to demonstrate
  TCF is business as usual
• Managing client expectations - delivering
  consistent service
• Management information, KPIs, surveys and
  feedback to monitor and manage TCF trends

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Service Design Process
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Client Needs, Service and Process
Client Needs
EXTERNAL
B R A N D
Service Proposition

Components Price
Marketing Comms
IT configuration
Process Design
Roles Accountabilities
INTERNAL
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Service Design Process

• Assume you are designing this for Day One of a
  new business
• Take 3 client groups list ALL the service
  components for each
• Give each list a SERVICE working title
• List all of the processes that are needed for
  each service
• Identify what jobs/roles you will need
  (accountabilities) to deliver the processes
• Price each service and estimate likely client
  numbers check these against RI and support
  capacity and turnover and profit targets

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Service Design The Components
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Generic Service Framework
Rising client value
Full Financial Plan and Strategy
Streamlined transactions
C
B
A
Ongoing Service

• Process and Delivery
• FIXED
• remote
• streamlined
• desk based
• separate
• execution only

• Process and Delivery
• FLEXIBILITY WITHIN FIXED GUIDELINES
• personal not always face to face
• streamlined admin.
• streamlined service content
• additional comms

• Process and Delivery
• FLEXIBILITY WITHIN WIDER GUIDELINES
• face to face
• streamlined admin.
• bespoke content
• additional comms
• personally known to PAs

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Service Design Process and People
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Service Delivery supporting process
Acquire and Initiate
Meet and Review
Recommend and Implement
Review and Retain
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Financial Advice Generic SkillsThe black area
represents of client contact
CLIENT FACING
Financial Planner To acquire new clients and
maintain key introducer and client relationships
Technical Planning Manager To provide extensive
technical support to the Financial Planner
TECHNICAL
Client Support Services To provide comprehensive
administrative support to the TPMs and FPs
ADMINISTRATION
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Financial Advice Generic SkillsThe black area
represents of client contact

• Identify new clients and introducers
• Initiate relationships with new clients and
  introducers
• Fact find with clients, determine financial
  strategy
• Deliver recommendations

CLIENT FACING

• Conduct product research, obtain illustrations
• Liase with clients and their other advisers
  where appropriate
• Maintain accurate client files and update
  software
• Prepare client reports with guidance from
  Adviser
• Construct suitability and reasons why letters
• Respond to client servicing enquiries
• Attend client meetings with Adviser

TECHNICAL

• Maintain accurate client records
• Respond to servicing enquiries
• Prepare illustrations
• Prepare invoices
• Deal with post and telephone enquiries

ADMINISTRATION
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TCF Spectrum
VULNERABLE
FRIENDLY

• No strategy top team not engaged with TCF
• Staff unaware of TCF
• TCF not on radar or a regular agenda item
• No implementation plan
• Inconsistent research and analysis
• Inconsistent or ad hoc service
• Client surveys not part of the way we do
  business
• No plans to meet March and December 2008
  deadline requirements

• TCF planned and communicated
• All staff briefed
• Key issues identified
• Implementation plan in progress
• Advisers adopt and follow company standards
• Consistent research and analysis
• Clients have choice and structured on-going
  service
• TCF routine Agenda item
• Client surveys are routine Continuous
  Improvement

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• Issued by Clerical Medical Investment Group
  Limited, Narrow Plain, Bristol. BS2 OJH.
  Telephone [phone]. Clerical Medical
  Investment Group Limited. Registered Office 33
  Old Broad Street, London, EC2N 1HZ. Registered
  in England and Wales, Registered No 3196171.
• This communication is directed only at
  professional investment advisers. It should not
  be distributed to or relied upon by private
  customers

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TCF Implementation Practicalities
David Shelton david.shelton_at_clericalmedical.co.uk