The topic for the meeting was: ‘If John Lewis were to set up a Financial Planning Business, what would it look like?’ In his relaxed presentation to the branch Nick covered a variety of issues facing current Financial Planning businesses. He gave some useful ideas and tips as to how Financial Planning firms could possibly resolve these and become more effective in what they do.

Nick explored how the cogs of the business that run under the surface are just as important as the more visible activities at the front of house. John Lewis employees are partners in the business and therefore reap financial rewards when the business is thriving. Nick explored how reward schemes encourage staff to adapt to change – a necessity when evolving a Financial Planning business too.

Within Financial Planning, it is the smaller firms which have driven the changes in the profession. This has been driven by a focus on gaining professional qualifications in order to meet, and more often than not exceed, RDR requirements (even before they were introduced), adapting to change and embracing technology to give clients a better service and overall experience.

Nick explored how a Financial Planning business can be scaled up, and highlighted the use of ‘pods’ or ‘teams’ where a Financial Planner has a support network working with them. This team approach, is effective in that administration and technical tasks, for example the time spent preparing a plan, can be done by the team. The Financial Planner can then spend their time on the areas which clients value most highly – the relationship management and ongoing service.

Branch chairwoman Claire Menni said: “The attendees found Nick’s presentation very thought provoking. It led to a useful discussion on the profession and where it is heading. A good end to the branch programme ahead of the summer break. Our next branch meeting is on 11 October with a change of time and location.

“Charles Stanley, the branch sponsor, has generously offered the use of its Guildford office for future meetings teamed with a late afternoon start – so no excuse to not bring Paraplanners and support staff!”