MDRT - Canada Presentation (April 2013)
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Transcript of MDRT - Canada Presentation (April 2013)
Create and
Lead a 21st
Century Century
Practice
Michelle HoskinAuthor of Best Practice Makes Perfect!
“Our deepest fear is not that we are
inadequate. Our deepest fear is that we
are powerful beyond measure.
It is our light, not our darkness, that It is our light, not our darkness, that
most frightens us” Timo Cruz
Day-to-Day Complexities
Resources and Skills
Work and Task Management
Principles for Perfection!
Unique Team
Receptive Delegation
Procedures and House Style
Leadership and Management
Time and Diary Management Eliminate Complexities
Operational Excellence
Best Practice
Unique
TeamTeam
Principle for Perfection #1
� Design and build your unique team!
� Values
Unique Team
� Personality
� Technical skills
=� Personality
� Work ethos
� Attitude
=
� Attributes
Skills and Attributes Shareholder/Owners Financial Adviser/Planner Practice Manager
IT and Systems
Internet Explorer, Outlook, PowerPoint, Word, Excel Desirable Desirable Essential
Hardware and software systems (general) Desirable Desirable Essential
CRM/document management Desirable Desirable Essential
Financial Services
Qualifications (Level 3 - FC, CF; or Level 4 - Diploma or equivalent) Desirable Essential N/A
Numerate and analytical Essential Essential Essential
Interest in the subject Essential Essential Essential
Understanding and/or experience of portfolio analysis Desirable Essential DesirableUnderstanding and/or experience of portfolio analysis Desirable Essential Desirable
Understanding and/or experience of pension analysis Desirable Essential Desirable
Understanding and/or experience of investment understanding Desirable Essential Desirable
Understanding and/or experience of risk analysis Desirable Essential Desirable
Understanding and/or experience of gap analysis Desirable Essential Desirable
Understanding and/or experience of pension transfer analysis Desirable Essential Desirable
Understanding and/or experience of financial forecast analysis Desirable Essential Desirable
Understanding and/or experience of cash flow modelling Desirable Essential Desirable
Understanding and/or experience of final salary forecast CETV analysis Desirable Essential Desirable
Understanding and/or experience of key man analysis Desirable Essential Desirable
Understanding and/or experience of family protection Desirable Essential Desirable
Understanding and/or experience of inheritance tax Desirable Essential Desirable
Understanding and/or experience of trusts and wills Desirable Essential Desirable
Understanding and/or experience of portfolio model creation Desirable Essential Desirable
� Role overview and key responsibilities
� Relationship with existing team
� Attributes and skills
� Package and benefits
� Company overview
Personal Vacancy Specification Form
� Package and benefits
The Recruitment PlanKey Step
W1 W2 W3 W4 W5 W6
Create recruitment timeline and agree with all staff
Collate all role documentation ready for the recruitment process
Create Personal Vacancy Specification Form (PVSF) for the open role
Select and make initial contact with recruitment sources and negotiate terms
Send Personal Vacancy Specification Form and recruitment timeline to all selected recruitment sources
Agree and set closing date for application
Review all CVs and select shortlist of candidatesReview all CVs and select shortlist of candidates
Feed back to agencies (if required) and contact selected candidates to arrange first interviews
Carry out first interviews with shortlisted candidates
Review interviewed candidates and feed back to recruitment sources
Arrange second interviews
Carry out second interviews
Carry out Kolbe profile
Review interviewed candidates and Kolbe profiles and feed back to recruitment sources
Create work-based assessment interview programme and documents and arrange third interview if required
Carry out third interviews
Unique
TeamTeam
Receptive
DelegationDelegation
� Culture is the set of shared attitudes, values, goals and practices which
characterise an institution, organisation or group
Culture
It’s an open road...
� Vision
� Strategic goals
� Purpose
� Objectives
� Plan
� Objectives
� Policies and procedures
� Incentives and bonus
� Flexible working
� Holiday and free days
� Health programmes
� Awards
Reward and Recognition
� Health programmes
� Thank you!
Receptive
DelegationDelegation
Eliminate
ComplexitiesComplexities
� Doing more with the time you have
� We are not all good at the same things – we are all unique!
� Being busy doesn’t mean we are being productive
� Remember
The Time and Task Management System™
� Lists and structure are crucial to your success
� There is always a better way of doing something...so find it!
� Use the right tools
� Agree and communicate your decision standards
� Build the right support structure
� Create your business review process
� The process
� Effective handovers – be clear on instructions
Delegate correctly
Eliminate Complexities
� Delegate correctly
� Be clear on priorities and deadlines
� Plan your diary and schedule
� Protect yourself and your workspace
� Don’t procrastinate
What?
� Clients and services
� Operations
� Team
� Business management
Business Review Process
When?
� Quarterly
� Monthly
� Weekly
� Annually
How?
� Technical
� Administration
� Debrief
� Management
Operational
ExcellenceExcellence
� Level 1 – Management system
� Level 2 – Processes and procedures
� Level 3 – Master copy documents
� Three main levels
The Operations Management System™
� Overview of the company, purpose, vision, goals, plans, objectives, etc
� Business review process
� Key areas
� HR management, recruitment and training
� Continual Professional Development and Education (CPDE) and compliance
The Operations Management System™
� Continual Professional Development and Education (CPDE) and compliance
� Business administration and document control
� Information security, risk management, business continuation
� IT structure, set-up and tools
� Clients, service, charging and marketing
� Identify who does what (Activities Inventory and Task Tracker)
� What is your desired outcome?
� Key steps
� How is it best documented?
The Operations Management System™
� 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™™™™
� A few examples
The Operations Management System™
� They meet contractual, statutory and regulatory guidelines
� They have a unique reference number and have been authorised
� Make sure
� They are clear and concise, simple and understandable, tested and amended,
quality controlled and well communicated
The Operations Management System™
quality controlled and well communicated
� They have quality at the core!
� They have interrelated and interactive processes
� You create a library of templates, letters, emails and forms
� Telephone and email enquiries
� Client hospitality
� A few to think about
� First meeting confirmation and information
The Operations Management System™
� Conducting a first meeting and follow-up
� Information gathering and business implementation
� Report writing and creating a financial plan
� Client file management
Best
PracticePractice
� The process
� Two areas of continual improvement:
o The business
o You!
Continual Improvement
� Feedback – positive and negative
� Adopt the principles of BS ISO 22222:2005 and BS 8577:2012
� Continually strive for “best” everything!
� Business
� Constant questioning – how can we improve?
Communicate and reward for improvements made
Continual Improvement
� Communicate and reward for improvements made
� Implement a continual improvement policy
� Inspire others to improve
� The process
Continual Improvement
� The logs
Continual Improvement
� Clients, colleagues, professional partners and introducers
� Feedback comes from
� Professional bodies and the regulator
� Feedback can be
Continual Improvement
� Quantitative or qualitative
� Feedback can be
� Formal or informal
� Verbal or written
� Be upfront, open and honest about feedback
� Collect and record all feedback – review the current methods!
� Key considerations
� Always encourage feedback and acknowledge receipt of it
Continual Improvement
� If negative, resolve as soon as possible
� Feed back to the feedback giver about action taken and follow-ups
� Review all feedback regularly – at monthly meetings?
� Feedback needs top management buy-in!
Unique Team
Receptive Delegation
Eliminate Complexities
Operational Excellence
Best Practice
Eliminate Complexities
So What Next?
� Allocate responsibilities and create a plan
� Create change – don’t just manage it!
� Start the project and constantly review progress
� Engage the team
� Start the project and constantly review progress
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Limited number of copies available...TODAY!
Please contact me or a member of my team:
Tel: +44 (0)1462 790894
Further Information?
Web: www.standardsinternational.co.uk
Twitter: http://twitter.com/SIISO22222
LinkedIn: http://uk.linkedin.com/in/standardsexpert
Email: [email protected]