Thursday 7 March 2013 Welcome Nick Cann CFP CM IFP Session one The nuts amp bolts VAT amp financial services Richard Stradling Baker Tilly VAT AND FINANCIAL SERVICES Richard ID: 130118
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Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013Slide2
Welcome
Nick Cann CFPCMIFP
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Session one:The nuts & boltsSlide4
VAT & financial services
Richard StradlingBaker TillySlide5
VAT AND FINANCIAL SERVICES
Richard Stradling Associate Director Slide6
VAT AND FINANCIAL SERVICES
A reminder – the lawEU legislation – Directive 2006/112/EC, Art 135(1)(b)-(g)
UK legislation – VATA 1994,
Sch 9 Group 5Item 6 – “The provision of intermediary services .............. (whether or not any such transaction is finally concluded) by a person acting in an intermediary capacity”Slide7
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 servicesSlide8
VAT AND FINANCIAL SERVICES
The impact of RDR – HMRC’s view gather information about the customer (fact-find)
carry out research to find suitable investment options
provide the customer with reports, financial health-checks, forecastsrecommend specific investment products to the customer,
including prices
act
between the product provider(s) and the customer with a view to arranging
a sale
where
applicable,
ongoing
review service, Slide9
VAT AND FINANCIAL SERVICESThe impact of exemption
No requirement to register unless making taxable supplies over thresholdNo 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 methodsSlide10
VAT AND FINANCIAL SERVICES
© 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.
Richard
Stradling
Associate DirectorSlide11
PI insurance, Keydata & Arch Cru
Jamie Newell
IFA
SolutionsDamian McPhun
Beale
& Company Solicitors LLPSlide12
NOT ALL PROFESSIONAL INDEMNITY POLICIES ARE CREATED EQUAL
A talk by Jamie Newell of IFA Solutions to IFP Accredited Financial Planning Firms
7
th March 2013Hilton London KensingtonSlide13
Changes to the marketplace
3 main providers of PII to Financial Planners have withdrawn from the marketThe purchase and provision of PII has become “commoditised” since the economic downturn
The costs of implementing RDR
Many PII providers know this!!!Slide14
Changes to policy wordings
Introduction of “new” policy language and termsIs 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”?Slide15
Changes to policy wordings
Introduction of “new” policy language and termsIs your policy FSA compliant?Slide16Slide17
Changes to policy wordings
Introduction of “new” policy language and termsIs your policy FSA compliant?Is your excess “transparent”?Slide18Slide19
Changes to policy wordings
Introduction of “new” policy language and termsIs your policy FSA compliant?Is your excess “transparent”?
Are you fully aware of your claims notifications and conditions?Slide20Slide21Slide22
Frequently Asked Questions and Myths
Claims made not losses occurringLimit of Indemnity – costs inclusiveRetroactive Date
Product Exclusions
UCISSlide23
IFP Accredited Financial Planning Firms
PII Facility via IFA SolutionsAverage Premium Saving 22.9%
Claims Notification Clause
FSA DIC ClauseTransparent ExcessFully retroactivePro bono work
Regulatory Investigations Costs
Newly Acquired, Merged firms auto included
Refer to Policy Wording for full terms and conditionsSlide24
Platform due diligence
Gillian HepburnPlatform PeopleSlide25
Platform
Due Diligence
‘Nuts & Bolts’Slide26
Due Diligence
What?
How?
Why?Slide27
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?
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
Outcome and Application:
Appropriate platform selection
FSA Compliant Documentation
Consistent application in the business
Improved efficiency & control
Reduced PI costs
Increased Value Multiple
What?Slide28
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’
Good business practice:
Reduces business risk
Right platform can improve processes, reduce time and support the proposition
Significant costs to move
Avoids fines (Moneywise)
Delivery of a High Quality
Client Proposition:
Client reporting
Reports
Reviews
Investment proposition
Why?Slide29
How?
Strategic Filters e.g.
Life Office v Independent
Commitment and scale
Referrals
Dealing and custody only
Client Service Proposition:
Influence of Segmentation
Reviews and reports
Additional services e.g. Tax planning
Investment Proposition:
Models
DFM (On or off platform?)
Active v Passive
Rebalancing
ATR and Asset allocation
Comparison of your
functional requirements vs Platforms
Define functional requirements
H/M/L to deliver proposition
Which platform best suits - might be per segment?
Charges?
Timing
Initial platform decision
Annually - FSA good practice
Business mergers
New clients
Change to proposition
Market changes e.g. new entrants
Support
Online comparison tools
Consultants
Service provider
How?Slide30
Questions?
Who owns the Client?
Is one Platform okay?
Requirements for
DFM Due Diligence?
Ensuring Alignment of
Investment Tools and Solutions?
On or off Platform Tools?
Charges Comparison?
What shape are YOU in?Slide31
Session two:The 18 things that super-successful business owners know & do…
Nigel BotterillEntrepreneurs CircleSlide32
Refreshment break Slide33
Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013Slide34
Session three:Sustainable, profitable & predictable growth post regulation
Daniel RichardsInsight Marketing & YourIFA.co.ukSlide35
3 ways every firm here can protect clients and generate quality new ones...Slide36
Every firm can implement these ideas...
Website and blog
Mobile Websites
Referral generation
Free 1:1 available – no obligation, focussed on you,
so you get best value...Slide37
1) Your website + I-blog
How does your website make you react?Slide38
Fundamental SEO to generate visitors to your website
How to easily manage social media with the unique and proven I-Blog
Everyone can do these two steps…Slide39
We’ve all been sold a myth...Slide40
What is Search Engine Optimisation?Slide41
If they can’t find you, they won’t come….
SEO basicspage title
meta description
Keywords, h1 and h2Google placesSlide42
SEO every page on
your website….
Page Title
Meta Description
H1
H2
H3
Keywords in bodySlide43
If they can’t find you; they won’t come….
http://www.google.com/places/Slide44
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
Have nothing
Distract
Send people off your site
Have out of date invitations
Complicate itSlide45
Other ways to market....
PPCEmail marketingDon’t ignore offline marketing
Webinars
BacklinksIblogs
/social media Slide46
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.
Are blogs really important?Slide47
What is a blog? Slide48
6 reasons to have a blog ….Slide49
6 compelling reasons for the
I Blog
It saves hours every week. One post updates everything including all social media – and your APP
Increased traffic to your website
50% +++
You are in control –
Content creation made easy
Full training – free
Low, low cost I-Blog just £950
Proven results proven savings in operational timeSlide50
Are all blogs the same? - Here is a common mistakeSlide51
Oh! Here it is . . . . But it will not work like this Slide52
How it could be working….Slide53
Gain difficult web rankings; easily…Slide54
Increased traffic – often by 50% or more!Slide55
One post updates everything Slide56
One post updates everything Slide57
Update Everything Including Your AppSlide58
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....Slide59Slide60
2) Mobile WebsitesSlide61
Mobile websites for a changing world
50% of local searches are performed on a mobile device183% increase in last 2 years in Europe for mobile share of web traffic27% open rate from our last e-shot!
327 empire state buildings everys!Slide62
3) Referral generation – finally made easySlide63
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 ReferralsSlide64
Making referrals easy and comfortable
Removing the fear, or awkward moment when you ask for a referral, it goes quiet and your heart sinks! Slide65
Using LinkedIn to pin point referrals Slide66
Find the client you are about to meet.....Slide67
Find the people they know, that you want to do business with....Slide68
2 final ideas... Apps & Coffee!
www.yourifaapp.co.ukSlide69Slide70
The importance of coffee....!!Slide71
Turning conversation into currency
ROI
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.Slide72
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
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Lunch is now available in the West Eleven Restaurant
Please take a few minutes either before or after lunch to have your photo taken. Slide74
Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013Slide75
Session four:The Accredited Financial
Planning FirmsTM register
Nick Cann CFP
CMSlide76
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.Slide77
Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013Slide78
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.