How to create Operational Best Practice!

Michelle HoskinAuthor of Best Practice Makes Perfect!

A firms guide to getting it right...first time!

Hi... from me!

Twitter: #ISO22222

Michelle Hoskin

Director, Standards International

Areas of expertise!

Why operational best practice is the only way to go! The Operations Management System™

Diary, task and workflow management for the real world Why Only Best Practice makes PERFECT

The challenges facing even the profession’s best!

ISO 22222 Certification – An insight and benefits! BS 8577 – Certification – An insight and benefits!

Your biggest operational challenges..

Lack of operations management processes, procedures and house style

Under resourced, inadequately skilled and poorly trained staff

Poor team/people management, leadership and development skills

Inefficient workflow and task management systems Ineffective time and diary management

So what is Best Practice? Best Practice can only be achieved by creating a structured

and supported environment where every individual within it can create an amazing experience for their clients

But... We over complicate business because we don’t have a plan

We change the culture and/or the structure to suit the people!

We recruit, train and performance manage badly

Not natural business owners, managers or administrators

The Operations Management System ™

Level 1 – Management System

Level 2 – Processes and procedures

Level 3 – Master Copy Documents

Three Main Levels

The Operations Management System ™ The Business Bible – The E-Myth

Overview of the company, aims, objectives, vision and policies

Business review process

Key areas:

HR Management, recruitment and training

CPDE, T&C and compliance

Business administration and document control

Information security, risk management, business continuation

IT structure, set up and tools

Clients, service, charging and marketing

The Operations Management System ™

Identify who does what (AI & TT)

What is your desired outcome?

Key steps:

How best should it be documented?

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 ™

The Operations Management System ™ A few examples:

The Operations Management System ™

They meet contractual, statutory and regulatory guidelines

Have a unique reference number and have been authorised

Make sure:

Are clear and concise, simple and understandable, tested and amended, quality

controlled and well communicated. Have quality at the core!

They have interrelated and interactive processes

You create a library of templates, letters, emails and forms

Creating your Operations Management System ™

Telephone and email enquiries

Client hospitality

A few to think about:

First meeting confirmation and information

Conducting a first meeting and follow up

Information gathering and business implementation

Report writing and creating a financial plan

Client file management

Creating your Operations Management System ™

Have all key processes been identified and documented?

Are they effective in producing the desired results?

The Process

Are they available in both hard and soft copy formats?

Have they been effectively implemented?

Have they been logged and quality controlled?

The Time and Task Management System 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:

Lists and structure are crucial to your success

There is always a more effective way of doing something – so find it!

Use the right tools

Agree and communicate your decision standards

The Time and Task Management System

Build the right support structure

Create your business review process

The Process

Effective handovers – be clear on instructions

Create your master to do list

Be clear on priorities and deadlines

Plan your diary and schedule

Protect yourself and your workspace

Don’t procrastinate – a task started and not finished is a complete waste of your time

You’re perfect, so stay that way!

Two areas of continual improvement:

o The Business

The Process

o and you!

Plan, Do, Check and Act

Feedback – Positive and Negative (capture them both)

Continual Improvement

Adopt the principles of ISO 22222 & BS 8577

Continually strive for “best” everything!

Business

Constant questioning – How can we improve?

Have ‘stupid’ meetings and reward improvements made

Implement a continual improvement policy

Inspire others to improve

Continual Improvement The Process:

Continual Improvement The Logs

Continual Improvement

Clients, colleagues, professional partners and introducers

Feedback comes from:

Professional Bodies and The FSA

Quantitative or qualitative

Feedback can be:

Formal or informal

Verbal or written

Continual Improvement

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

If negative, resolve as soon as possible

Feedback to the feedback giver about action taken and follow ups

Review all feedback regularly – at monthly meetings?

Feedback needs top management buy-in!

ISO 22222 - An insight and benefits!

ANSI approached BSI in 2000

When and Who?

Committee was formed – chaired by the FSA (David Jackman)

17 countries participated over 7 years

ISO 22222 launched 2007 - Certification commenced!

What?

Operational, financial and security management

The Six Steps of the Financial Planning Process

Ethical Behaviour and Ethical Financial Planning

Information Security, Client Confidentiality and Data Protection

Risk Management and Business Continuity

Continual Improvement

Eligibility Application Form

How?

Training and Gap Analysis Workshop & Assessment Annual Quality Review Audit Programme Certification awarded to the individual

Benefits Improved performance through simplified, effective processes and

documentation Standardisation of good working practices and improved communication Promotes awareness of quality and professionalism, better public

awareness and public image Sales and marketing opportunities Reduced risk and supports regulatory requirements The acquisition of a symbol representing the internationally

recognised quality standard

ISO 22222 - An insight and benefits!

BS 8577 – Launched 2012! Framework for the provision of financial advice and planning

services

Our Role - lead on the BSI Committee Current position in the market – the differences! Firm Based The Operational Management System™ Requirements for planners to evidence conformity to ISO 22222 Certification & The Costs Application Process

BS 8577 – continued.. Key Sections

9 x Over-arching Principles of Practice Management Responsibilities and Review Objectives and Policies The Operational Framework Outsourcing Document and Record Control Recruitment Training and Development Customer Relationship Management

Standards international - Who we are? Established in June 2007 (Pilot Scheme launched in April 2006) World leading certification body - in financial services standards UKAS Accredited to ISO 17024 & working towards ISO 17065 We work with the profession’s leading advisers Pioneering Best Practice – added value Independent and privately owned - Unique Offering Work done so far:

Awareness Campaigns - Professional and Consumer

International and national presentations and The Book

Partnerships - Profession Wide

The Approved Associate Programme (AAC)

Value Benefits Guarantee

Lead on the development committee - BS 8577 (The Firm Standard)

So what next?

Create Change - don’t just manage it!

Allocate responsibilities and create a plan

Get going:

Start the project and constantly review progress

And then ... 3rd party expert validation!

Engage the team and I mean all of the team!

www.michellehoskin.com

If you need help...ask for it!

Please contact me or a member of my team:Tel: 0044 (0)1462 790894

Email: enquiries@standardsinternational.co.ukWeb: www.standardsinternational.co.ukTwitter: http://twitter.com/SIISO22222

LinkedIn: http://uk.linkedin.com/in/standardsexpert

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