Consultancy Update
As a follow up from my recent email which referenced the FCA consultation paper (A new Consumer Duty Feedback to CP21/13 and further consultation) I’ve received enquiries asking if we offer compliance services.
The answer to that is a simple no, there are a number of good firms out there that do sterling work in this field and any services offered by Harrison Spence are distinct from compliance and not designed to replace any existing arrangements.
The consultancy services we offer are aimed at business development and improving a business’s efficiency. Our most popular service is a “Pre-sale Business on Track” service. We are often engaged by IFAs in the years running up to a sale, and we use this time to put the business on a footing that will not only ensure as smooth a sale as possible but will help realise the maximum sale price for the owners.
We can also help with any of the following:
- Increasing revenue per client
- Valuation of IFA practice
- Strategy planning
- Problem solving
- Skill development.
- Staff Development
- Formulating marketing plans,
- Product development & implementation,
- Improving knowledge bases
- Expert Witness Service
I have mentioned before, consultancy can take many forms, short term assignments for small projects, or long term.
All of the methods that we can recommend to help take your business forward are fully compliant with FCA requirements, and in fact, in many cases, especially in the field of client communication are designed to aid compliance and make an IFAs life easier.
On that point, I do believe that more effective communication will be essential once the full facets of the new FCA requirements regarding Consumer Duty become clear, as they have said:
“We want to see a higher level of consumer protection in retail financial markets, where firms compete vigorously in the interests of consumers. We also want to drive a healthy and successful financial services system in which firms can thrive and consumers can make informed choices about financial products and services”.
We can help with your client communication and help provide a simple system that has been designed to help you communicate with your clients, which takes into consideration their circumstances, and requirements. This means you can offer advice ideally suited to their needs and construct financial models to support and enhance their financial planning strategy.
Harrison Spence has an unparalleled view of UK financial services based on its unique position in the retail financial services market and the combined experience of our partners. I would be glad to hear from you personally if you feel it would be helpful to explore in confidence your strategic planning or any challenges you are currently facing. As always any first meeting is at our expense.
Yours Sincerely
Alan Marks