Accredited Financial Planning
Firms Conference 2013
Thursday 7 March 2013
Welcome
Nick Cann CFPCM
IFP
Session one:
The nuts & bolts
VAT & financial services
Richard Stradling
Baker Tilly
VAT AND FINANCIAL SERVICES
Richard Stradling
Associate Director
VAT AND FINANCIAL SERVICES
A reminder – the law
•
EU legislation – Directive 2006/112/EC, Art 135(1)(b)-(g)
•
UK legislation – VATA 1994, Sch 9 Group 5
•
Item 6 – “The provision of intermediary services .............. (whether or not
any such transaction is finally concluded) by a person acting in an
intermediary capacity”
VAT AND FINANCIAL SERVICES
•
What are intermediary services?
 The bringing together of persons seeking to receive and persons
seeking to provide financial services; together with
 The performance of work preparatory to the conclusion of contracts.....
•
Intermediary services do not include;
 Market research
 Product design
 Advertising
 Promotional services
VAT AND FINANCIAL SERVICES
The impact of RDR – HMRC’s view
1. gather information about the customer (fact-find)
2. carry out research to find suitable investment options
3. provide the customer with reports, financial health-checks, forecasts
4. recommend specific investment products to the customer, including prices
5. act between the product provider(s) and the customer with a view to
arranging a sale
6. where applicable, ongoing review service,
VAT AND FINANCIAL SERVICES
The impact of exemption
•
No requirement to register unless making taxable supplies over threshold
•
No recovery of VAT on costs
•
Supplies to clients within the EU – outside the scope of UK VAT
•
Supplies to clients outside the EU – outside the scope of UK VAT with
recovery
•
Where supplies are mixed, partial recovery of VAT on costs
•
VAT recovery – Partial Exemption methods
VAT AND FINANCIAL SERVICES
Richard Stradling
Associate Director
© 2008 Baker Tilly UK Group LLP, all rights reserved
Baker Tilly Tax and Advisory Services LLP, Baker Tilly UK Audit LLP, Baker Tilly Corporate Finance LLP, Baker Tilly
Restructuring and Recovery LLP and Baker Tilly Tax and Accounting Limited are not authorised under the Financial Services and
Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are
members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are
an incidental part of the professional services we have been engaged to provide.
Baker Tilly & Co Limited is authorised and regulated by the Financial Services Authority to conduct a range of investment
business activities.
PI insurance, Keydata & Arch Cru
Jamie Newell
IFA Solutions
Damian McPhun
Beale & Company
Solicitors LLP
NOT ALL PROFESSIONAL
INDEMNITY POLICIES ARE
CREATED EQUAL
A talk by Jamie Newell of IFA Solutions to
IFP Accredited Financial Planning Firms
7th March 2013
Hilton London Kensington
Changes to the marketplace
• 3 main providers of PII to Financial Planners
have withdrawn from the market
• The purchase and provision of PII has become
“commoditised” since the economic downturn
• The costs of implementing RDR
• Many PII providers know this!!!
Changes to policy wordings
• Introduction of “new” policy language and
terms
• Is your policy FSA compliant?
• Is your excess “transparent”?
• Are you fully aware of your claims
notifications and conditions?
• Does your policy have a “full insolvency
exclusion”?
Changes to policy wordings
• Introduction of “new” policy language and
terms
• Is your policy FSA compliant?
Changes to policy wordings
• Introduction of “new” policy language and
terms
• Is your policy FSA compliant?
• Is your excess “transparent”?
Changes to policy wordings
• Introduction of “new” policy language and
terms
• Is your policy FSA compliant?
• Is your excess “transparent”?
• Are you fully aware of your claims
notifications and conditions?
Frequently Asked Questions and Myths
•
•
•
•
•
Claims made not losses occurring
Limit of Indemnity – costs inclusive
Retroactive Date
Product Exclusions
UCIS
IFP Accredited Financial Planning Firms
PII Facility via IFA Solutions
•
•
•
•
•
•
•
•
Average Premium Saving 22.9%
Claims Notification Clause
FSA DIC Clause
Transparent Excess
Fully retroactive
Pro bono work
Regulatory Investigations Costs
Newly Acquired, Merged firms auto included
Refer to Policy Wording for full terms and conditions
Platform due diligence
Gillian Hepburn
Platform People
Platform Due Diligence
‘Nuts & Bolts’
What?
How?
Due Diligence
Why?
What?
Not:




A provider booklet (although helpful start)
A file full of FSA docs
A decision based on the ranking tables
Mobile phone/ purchasing a car?
Outcome and Application:
 Appropriate platform selection





FSA Compliant Documentation
Consistent application in the business
Improved efficiency & control
Reduced PI costs
Increased Value Multiple
What?
Is:





Based on the way you wish to provide a client service
A significant decision
A robust comparison (based on knowledge & research)
Selection (Primary/Secondary)
or a platform review
Why?
FSA Comments:
 “Clear segmentation of the client bank and effective matching of firm services and platform selection
(following good due diligence) can be a beneficial approach” (PS11/9)
 “Market developments….mean periodic reviews may be required”
 “Very rare, if possible at all, that a firm could use a single platform for all of the investment business
of all of its clients”
 Key risk: ‘firms failure to carry out adequate due diligence or align the platform with the client base’
Delivery of a High Quality
 Client Proposition:
 Client reporting
 Reports
 Reviews
 Investment proposition
Why?
Good business practice:
 Reduces business risk
 Right platform can improve processes, reduce time and
support the proposition
 Significant costs to move
 Avoids fines (Moneywise)
Timing
How?






Initial platform decision
Annually - FSA good practice
Business mergers
New clients
Change to proposition
Market changes e.g. new entrants
Strategic Filters e.g.




Support
 Online comparison tools
 Consultants
 Service provider
Client Service Proposition:
 Influence of Segmentation
 Reviews and reports
 Additional services e.g. Tax planning
How?
Comparison of your
functional requirements vs Platforms




Life Office v Independent
Commitment and scale
Referrals
Dealing and custody only
Define functional requirements
H/M/L to deliver proposition
Which platform best suits - might be per segment?
Charges?
Investment Proposition:





Models
DFM (On or off platform?)
Active v Passive
Rebalancing
ATR and Asset allocation
Who owns the Client?
Ensuring Alignment of
Investment Tools and Solutions?
Requirements for
DFM Due Diligence?
Is one Platform okay?
Questions?
On or off Platform Tools?
Charges Comparison?
What shape are YOU in?
Session two:
The 18 things that super-successful
business owners know & do…
Nigel Botterill
Entrepreneurs Circle
Refreshment break
Accredited Financial Planning
Firms Conference 2013
Thursday 7 March 2013
Session three:
Sustainable, profitable & predictable
growth post regulation
Daniel Richards
Insight Marketing & YourIFA.co.uk
3 ways every firm here
can protect clients and
generate quality new
ones...
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Every firm can implement these ideas...
1) Website and blog
2) Mobile Websites
3) Referral generation
Free 1:1 available – no obligation, focussed on you,
so you get best value...
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
1) Your website + I-blog
How
does your website make you react?
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Everyone can do these two steps…
• Fundamental SEO to generate visitors to your website
• How to easily manage social media with the unique
and proven I-Blog
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
We’ve all been sold a myth...
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
What is Search Engine Optimisation?
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
If they can’t find you, they won’t come….
SEO basics
a) page title
b) meta description
c) Keywords, h1 and h2
d) Google places
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
SEO every page on
your website….
a) Page Title
b) Meta Description
c) H1
d) H2
e) H3
f)
Keywords in body
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
If they can’t find you; they won’t come….
http://www.google.com/places/
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Now that I’ve found you, what do I do?
Converting visitors.....
Do’s
Vouchers
Soft Offers
Meeting request with value
Use forms to capture data
Webinars
Don’ts
X Have nothing
X Distract
X Send people off your site
X Have out of date invitations
X Complicate it
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Other ways to market....
1)
2)
3)
4)
5)
PPC
Email marketing
Don’t ignore offline marketing
Webinars
Backlinks
6) Iblogs/social media
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Are blogs really important?
A few facts: (courtesy of Hubspot’s Marketing Benchmarks report)
• B2B companies that blog only once or twice a
month generate 70% more leads than those
who don’t blog.
• Companies that increase blogging from 3-5
times a month to 6-8 times per month almost
double their leads.
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
What is a blog?
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
6 reasons to have a blog ….
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
6 compelling reasons for the I Blog
1)
It saves hours every week. One post updates
everything including all social media – and your APP
2)
Increased traffic to your website 50% +++
3)
You are in control – Content creation made easy
4)
Full training – free
5)
Low, low cost I-Blog just £950
6)
Proven results proven savings in operational time
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Are all blogs the same? - Here is a common mistake
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Oh! Here it is . . . .
But it will not work like this
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
How it could be working….
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Gain difficult web rankings; easily…
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Increased traffic – often by 50% or more!
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
One post updates everything
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
One post updates everything
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Update Everything Including Your App
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Google Alerts – plus other ‘portal’s…..
http://accountancyprofession.com/
http://www.bbc.co.uk/
http://www.telegraph.co.uk/
Plus many other industry specific sources
in a few minutes searching....
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
2) Mobile Websites
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Mobile websites for a changing world
• 50% of local searches
are performed on a
mobile device
• 183% increase in last 2
years in Europe for
mobile share of web
traffic
• 27% open rate from
our last e-shot!
• 327 empire state
buildings everys!
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
3) Referral generation – finally made easy
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Proven, precise and comfortable….
We are making some assumptions this morning, that you are
already:
• Providing a great service to your current clients
• You have profiled your customer base
• You have a strategy in place to communicate with them
(email, direct mail)
• You may have connected with them on LinkedIn or Social
Media
• You get some business through WOM and Referrals
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Making referrals easy and comfortable
Removing the fear, or awkward moment when you
ask for a referral, it goes quiet and your heart sinks!
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Using LinkedIn to pin point referrals
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Find the client you are about to meet.....
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Find the people they know, that you want to do
business with....
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
2 final ideas... Apps & Coffee!
www.yourifaapp.co.uk
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
The importance of
coffee....!!
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Turning conversation into currency
We generate a return ONLY once
the engagement goes offline.
Therefore it is critical to have a
defined & integrated offline
strategy to get ROI from your social
networking.
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Next Steps and Q&A....
 Free no obligation website, I-blog or App demo from the comfort
of your own desk
 Free 1:1 by phone for confidential, expert, no obligation review
of your firms marketing
 07879 654191 danielr@insight-marketing.com
www.insight-marketing.com | 0800 8030826 | proven yet innovative growth
Lunch is now available in the
West Eleven Restaurant
Please take a few minutes either before or
after lunch to have your photo taken.
Accredited Financial Planning
Firms Conference 2013
Thursday 7 March 2013
Session four:
The Accredited Financial
Planning FirmsTM register
Nick Cann CFPCM
Round table Q&A
If you haven’t yet had your photo taken,
please visit the Antony the photographer.
He’s available until 15:30.
Accredited Financial Planning
Firms Conference 2013
Thursday 7 March 2013
That’s it!
Thanks for coming; we hope you’ve enjoyed today.
You’ll shortly receive a post event survey via email and
we’d really appreciate your feedback.
Have a safe journey home.