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Reflecting back on 2012, it has certainly been a pivotal year for many Financial Planning firms. With preparations for the RDR now all but done and dusted, all retail investment advisers as defined by the FSA should have dealt with gap fill, met the new qualifications requirements and hopefully be the proud owner of a Statement of Professional Standing (SPS).
The implications of the biggest shake up that the financial services sector has seen for decades will be felt for a long time to come. Whilst it is hoped that these changes will be positive, there will also be negative consequences for those who are unable to cope with the new way of doing business.
We hope that your business is well placed to survive and indeed to thrive. Yes, you might need deeper client relationships, clearer service proposition and a marketing focus showing how your service adds real value in order to attract new clients and retain existing ones.
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The good news is that the IFP is here to help you. It's perhaps during such periods of change that being part of a strong professional community is at its most valuable. There will be times in 2013 when most planners will have questions to ask or feel uncertain about what they should do or how they should deal with a particular issue. It's then that meeting up with peers at a branch meeting, networking online through discussions on LinkedIn, contacting the IFP team in Bristol for guidance become invaluable.
Our aim is to support your needs in the best way we can to ensure that you can deliver the best possible service to your clients. The renewed focus on relevant CPD will be essential. This is a key area we can help with. If you're not using IFP as your Accredited Body at the moment, make that change in 2013. Strong businesses in future will need strong processes and procedures. Having outstanding technical knowledge is just not enough. Whether it's helping you produce financial plans that have the "wow" factor for clients, using social media to build your brand, making the most of the CPD hours you undertake IFP has the resources to help you to seize the opportunities that lie ahead, and not let the competition steal a march on you.
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