Designing and delivering a profitable fee approach for member firms, particularly in the light of RDR, was the topic under discussion at the June meeting of the Thames Valley branch.
The meeting was held as usual at the excellent facility of the Prudential IBIS club in Reading, which hosts all the meetings for the branch this year courtesy of branch sponsor Prudential.
Attendees received an in-depth presentation on the topic of adviser charging models from the renowned industry figure and long-time friend of the IFP, David Shelton of Stoke Bishop Associates. David assisted numerous planning firms to become more effective during his 20 years with Clerical Medical, as head of IFA market strategies. David is the author of 'The Business of Advice' published in 2009 and a former lecturer at the Bristol Business School.
David shared his extensive research on the subject, detailing the various models adopted by firms.
He also stressed the importance of modelling/stress testing any changes in approach on the current and envisaged shape of the member firm.
Over the meal following the presentation, a vibrant discussion ensued regarding the various issues raised during the session. The discussion continued long after the meal with members happy to outline and share their own approaches to remuneration and the reasoning behind their particular model. This discussion provided useful insight, highlighting what works as well as what doesn't - for Financial Planning firms. Feedback forms from the attendees confirmed just how valuable they had found the session.
Branch chair Mark Cherrill commented: "We are very fortunate that the standing of the IFP allows us to continue to attract speakers like David, who are of the highest calibre. It is also rewarding to hear that members are taking so much value from attending our meetings.
"Our next get together in Reading is on 12 September when we welcome IFP Board member Phil Billingham CFPCM to lead a session entitled A Question of Ethics. This is perfect for members looking to gain structured CPD on the topic of ethics, but largely will focus on practical elements of providing excellence in client service which, as Financial Planners, we can use to deliver an even better service to our clients. We'd love to see you there."
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