Platform Evolution IV
Blueprints for successful platform deployments within an advisory firm
Wednesday 3rd June 2009 to Thursday 4th June 2009
Hilton Kensington Hotel, London, 09:00 - 17:30
£500.00/person + VAT
£179.00 + VAT/person for IFAs
Agenda Day One, Wednesday 3rd June 2009
8:30 Registration and coffee
9:00 Welcome from Osney Media
9:05 Chairman’s opening address
Nick Cann, Chief Executive Officer, Institute of Financial Planning
9:15 ICE-BREAKER SESSION: INTRODUCTIONS AROUND THE TABLES
Osney Media’s roundtable format is a great way of enhancing the networking opportunities that our events offer but they only work once the ice has been broken. So this is your opportunity to say “Hello” to one another, to swap business cards and to put names to unfamiliar faces.
YOUR ACTION POINTS FOR THE SUMMIT
This is your opportunity to bring your questions to the table. We will issue you with a short, anonymous questionnaire. Please fill this in and return to Osney Media before morning coffee.
09:20 THE NEW ERA OF RETAIL FINANCIAL SERVICES USHERED IN BY THE RECESSION
This session will focus on the impact of the recession, how the industry can position itself to take advantage of the changing shape of financial services, whether there will be a move towards saving and investing and away from credit and debt and the increased necessity for financial planning.
§ How the credit crisis has brought the financial services industry to the fore of the Government’s and the public’s consciousness
§ How need to capture the new mood and increase appetite for investment and savings?
§ Distinguishing trustworthy advice: how can you help clients to do this?
§ How can the industry position itself as trustworthy partners for new clients? What will the hurdles be to maintaining the confidence of your existing client base?
§ How does the RDIP sit within the new world?
Panellists include:
Michael Wainwright, Partner, Eversheds
Robert Kingsbury, Editor, Investment Week, Professional Adviser & IFAonline
Chris Cummings, Director General, AIFA
10:00 HOW DO YOU CONTINUE TO ENGAGE CLIENTS THROUGH A RECESSION?
§ What are the clients’ expectations of their advisors during a recession?
§ How does sales, compared to advice stack up when markets are plunging?
§ Communication: this is the key to any effective relationship management
§ How could platforms help advisors and clients to de-risk portfolios?
John Baxter, Head of Financial Planning, Macquarie
10:20 RETAIL FINANCIAL SERVICES – WHAT PART DO PLATFORMS HAVE IN ADDRESSING THE GREAT PYRAMID SCHEME OF THE 21ST CENTURY?
Research abounds about generation 18-34 year olds and their lack of propensity to save. These are the so called iPods (Insecure, Pressurised, Over-taxed and Debt-ridden). However, not all iPods are debt-ridden, and this is your future generation of clients (and employees), so how does an advisory firm:
§ Build longevity into your client base by accessing younger clients? Is there a need for a move away from an AUM mindset?
§ How do you discern the difference between - and access - younger clients with the potential to grow wealth and people who can’t be helped by a financial planner?
§ Utilise platforms to provide services in generation Y’s preferred media – online
§ Design propositions at a reasonable price (for the advisor and the client)? Do platforms have a role to play in lowering the bar to access advice for this demographic? At what point do lower prices become pointless to maintain a profitable advisory business?
§ Leverage the convenience of platforms to retain clients?
§ Engage with a generation that holds a “spend and borrow now”, rather than a “save” mentality?
Phil Melville, Director, Argyle Financial Management Ltd.
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UTILISING PLATFORMS AND OTHER TECHNOLOGIES TO AID CLIENT RETENTION AND ACQUISITION WITHOUTH LOSING YOUR INDEPENDENCE
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10:40 CAN AN ADVISOR’S INDEPENDENCE CO-EXIST WITH A WRAP?
§ Independence starts with the ‘right’ wrap
§ The ‘right’ wrap offers independence from back office system purveyors
§ A wrap ensures continuity for clients
§ Wrap means coherence, rationalisation, analysis, flexibility, transactional, simplicity (CRAFTS)
§ Wrap means more clients, more time off!
Christopher Marsham, Principal, R K Shipman Ltd.
11:00 Morning coffee
11:30 MAINTAINING INDEPENDENCE AND MINIMISING RISK IN THE PLATFORM-ENABLED WORLD
Q&A Session featuring:
Christopher Marsham, Principal, R K Shipman Ltd.
Phil Melville, Director, Argyle Financial Management Ltd.
John Baxter, Head of Financial Planning, Macquarie
Michael Fosberry, Director, National Head of Financial Services, Smith & Williamson
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THE IMPACT OF PLATFORMS AND WRAPS UPON IFAS’ BUSINESS MODELS
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12:00 MAKING THE TRANSITION INTO THE DISCRETIONARY MANAGEMENT MODEL AND THE PART PLATFORMS PLAYED
Having made the transition to the discretionary model and then making a selection about which wraps to use, it wasn’t without its hurdles, but clients have benefited from a much more attractive proposition.
§ How the discretionary model allowed us to limit the damage of the credit crunch to our clients
§ Meeting the regulatory requirements for the discretionary model
§ Capital adequacy issues
§ Working with more than one platform to offer a wider service
§ Growing AUM value
Andrew Merricks, Head of Investments, Skerritt Consultants
12:20 WEALTH MANAGER VERSUS IFA: USING A PLATFORM TO SUPPORT A WEALTH MANAGEMENT BUSINESS MODEL. WHAT ARE THE KEY FEATURES THAT DISTINGUISH THE TWO?
§ Fund selection and allocation within a platform environment
§ The need for due diligence and regulatory compliance and the added risks this model entails
§ Making sure you and your team have the skills to transition to wealth management model
§ Is it worth the transition?
Lee Robertson, CEO, Investment Quorum
12:40 Q&A Session with:
Andrew Merricks, Head of Investments, Skerritt Consultants
Lee Robertson, CEO, Investment Quorum
Alan Smith, Managing Director, Capital Asset Management
13:10 Networking lunch
14:10 ROUND TABLE DISCUSSIONS
14:40 PROVIDER Q&A SESSION:
This session has been designed for providers to take your key questions and answer them as it applies to their proposition. The questions will be drawn from an audience survey to make sure that this session provides you with the maximum value. From the technological through to the regulatory, make sure that if you face a challenge through the deployment of platforms, that it is answered.
Verona Smith, Head of Proposition, Cofunds
Mark Polson, Head of Communications, Standard Life Savings
15:15 Afternoon tea
15:45 A CHANGE FOR THE BETTER
§ A synopsis of the drivers for change with Bluefin
§ An outline of our plans to develop and integrate wrap into what we do on a daily basis
§ What have we learned so far
§ A Bluefin view on the future of wrap in the UK
Jon Everill, Proposition Director, Bluefin Group
16:15 ACTIVE VERSUS PASSIVE INVESTMENT STRATEGIES
What do you think? How do you decide which is best for you and your clients? This session will discuss two competing views on the active/passive debate:
§ “Active investment management is an appealing mirage which substantially boosts costs and decreases returns compared to properly designed passive portfolios.” http://www.lherr.org/blog/2008/03/13/a-comparison-of-active-and-passive-investment-strategies/
§ “Long-Term Returns on the Original S&P 500 Companies” * (Siegel & Schwartz, 2006) found that when the returns of all 500 of the original S&P 500 companies were calculated from 1957 until 2003, the buy-and-hold returns these 500 original companies were higher than the returns to the continually updated S&P 500 and were also less risky.
Panellists include:
Jane Wheeler FIFP CFP, Principal, Direction Financial Planning LLP
Ian Smith BA (Hons), APMI, FPFS, IMC, CFP, Director, Central Financial Planning Limited
16:45 HOW TO DO BUSINESS WITH THE FINANCIALLY ILLITERATE, WEB LITERATE CLIENT
The Internet is the juggernaut of information consumption and distribution. Few people will have missed the fanfare surrounding social media, web 2.0, business networking and the Facebooks, MySpaces, LinkedIns, IFA Lifes, Twitters and so on over the last 18 months. But how much of this is just noise that can be ignored and what potential do social and business networking have for client acquisition and retention, as well as talent acquisition? In a world where many of these ‘web 2.0 businesses’ have failed to monetize their propositions, how can you harness them to enhance the value of an advisory business?
§ What is web 2.0, and how can an advisory firm harness and unleash the potential it offers to get closer to clients?
§ Will technology level the playing field for small firms competing with large national or multi-national companies?
§ 3 tips for the www age; harnessing the power of the search engine, why social networks matter for IFAs and how they can help you acquire, retain and add value to clients
Phil Calvert, CEO, IFA Life
17:15 Closing remarks from the chair and close of day one
Agenda Day Two, Thursday 4th June 2009
8:30 Registration and coffee
9:00 Welcome back from Osney Media
9:05 Chairman’s opening address
Roderic Rennison, Director, Rennison Consulting
09:15 INTRODUCTIONS AROUND THE TABLES
This is your opportunity to say quick “Hello” to one another and to swap business cards.
09:20 EMBEDDING A PLATFORM INTO YOUR CLIENT PROPOSITION
Much has been made of how an advisory firm can embed platforms into their business from the operational perspective, but how many advisory firms are truly embedding them into the client proposition? And how should this be reflected into client communications?
§ When prospects visit your website, can they see anything about the platform(s) you are using? Are you clear about the ease of use that platforms offer?
§ What basis should you make the decision upon whether or not to use a white-labelled service or the platform providers’ branding? Why does this matter?
§ Is there a pay-off between your brand, the trust and esteem clients invest in it or the security of a nationally-renowned provider?
§ How do you differentiate yourself from the rest of the market?
Lucian Camp, Chairman, Tangible Financial
09:40 Questions from the floor
09:50 PREPARING FOR THE FUTURE: PENSIONS & PLATFORMS
§ The changing shape of advice
§ Managing clients through the savings journey
§ Ensuring your choice of platform suits your business AND all of your clients
§ In 2009 pension consolidation is key. Do you have the right support?
Verona Smith, Head of Proposition, Cofunds
10:10 Questions from the floor
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REVENUE, PROFIT, VALUE; HOW DO PLATFORMS AFFECT THESE FOR AN ADVISORY FIRM?
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10:20 PIECING THE JIG-SAW TOGETHER; THE ELEMENTS THAT INCREASE THE VALUE OF YOUR FIRM AND THE PART PLATFORMS PLAY IN INCREASING VALUE
§ Creating greater operational efficiency through wrap
§ Increasing revenues, profits and practice value through the use of technology?
§ Other factors that have a significant impact on the value of your business?
§ Understanding your business KPI's
Barry Horner CFP, Chief Executive Officer, Paradigm Norton Financial Planning Ltd
10:50 Morning Coffee
11:20 WHAT ARE THE FUNDAMENTALS THAT AN ADVISORY FIRM IS VALUED ON?
§ What buyers are looking for
§ Common valuation mechanisms
o Multiple of Recurring income
o Multiples of EBIT
§ Key drivers of value for the future
§ How Platforms can influence exit multiples
Phil Young, Partner, threesixty
11:40 SPECIAL ADDRESS: WHAT ARE THE SIGNS OF A BUSINESS GOING BUST?
You must be able to have confidence in the companies you do business with, especially when you are investing clients’ money. No matter which type of company you are thinking of doing business with, you need to be able to see problems before they infect you. Therefore, what are the signs that a business is going bust? This session will give you 5 signs from an expert, based on their experience of winding down a broken business.
12:00 STP: Can you afford not to have it?
§ STP: What is it?
§ Why do you need it?
§ Perceived Blockers: Barrier or excuse?
§ Industry gaps: Are they being filled?
Warren Gee, Group Chief Operating Officer, FNZ
Phil Young, Partner, threesixty
Barry Horner CFP, Chief Executive Officer, Paradigm Norton Financial Planning Ltd
& invitees
12:30 Round table discussions
13:00 Networking lunch
14:00 Round table feedback to the floor
14:20 PLATFORMS FOR THE LONG HAUL
Many companies see platforms as a new innovation, but Harris Investment have been using a platform for 7 years. As one of the early adopters of the proposition, Alan will speak about:
§ How the platform has allowed Harris Investment to increase funds under management through consolidating existing clients holdings and acquiring new business
§ The challenges that deployment posed and how these were overcome
§ What the future could hold for platform and business development.
Alan Harris Cert PFS, Principal, Harris Investment Management
14:40 PLATFORMS AND THE REGULATORY ENVIRONMENT IN THE UK
§ How do platforms fit in with FSA's regulatory requirements?
§ Ensuring that a platform is suitable.
§ The issues with moving a customer's assets onto a platform.
§ Independence - is one platform enough?
§ Rebalancing - What is an adviser permitted to do?
Steve Tully, Associate, The FSA
15:00 Questions from the floor
15:10 Afternoon Tea
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15:40
Round table discussion pods
ü Different topics, each on a separate table ensures you have the opportunity to tailor your day
ü Select the table that’s most relevant to you and address your own challenges
ü Use this time to network and learn and get involved in the debates
Discussion One:
COST/CHARGES AND FEES IN THE NEW REGULATORY AND ECONOMIC ENVIRONMENT
§ Pricing opacity and how this affects the advisor and the consumer
§ What are the issues in transitioning to a new charging structure?
§ Fees and charges: are there significant differences between wraps?
§ The effects of fluctuation of platform structures in terms of transparency to investors
Discussion Two:
THE HURDLES OF LEGACY PROCESSES AND PRACTICES THAT EMBEDDING PLATFORMS INTO AN ADVISORY PRACTICE WILL POSE
Few advisory firms will come to platforms without an existing legacy of technology, processes and people. So how do you make the transition as painless as possible?
§ The fundamental issues a firm must overcome to become platform-ready
§ What impact will your firm incur upon: business workflow, terms of business, regulatory compliance, revenue (initial and long term) and fees?
Discussion Three:
PLATFORM SELECTION
What should you be looking for from a provider? What tools do they offer and what do you need? How do you identify the providers in it for the long haul? Out of new entrants and older propositions what should you be looking for? How do you apply that to your clients? Their assets?
§ Choosing the right platform for your business and your clients
§ Not all platforms are equal
§ Is there a case for multiple platforms?
Discussion Four:
WHICH TYPE CLIENT IS RIGHT FOR WRAPS OR PLATFORMS?
§ How an evaluation can aid your choice of provider
§ How an assessment of your businesses’ key skills can help you identify which tools do you need from a provider
§ The use of multiple platforms; how does this work with regulatory compliance in mind?
§ Identifying your ‘wrap threshold’; how many of your clients meet this?
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16:15 Round table feedback to the floor
An Osney representative will visit each table with a microphone. The chair will as the table to nominate a representative to summarise the discussions that occurred in the previous session and to highlight 3 of the main points as well as 3 conclusions. This is a great way for the entire audience to benchmark themselves against.
16:30 Closing remarks from the chair and close of summit
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