This is a guest blog from Brett Davidson of FP Advance https://fpadvance.com/ as part of a series of blog posts in which we examine and unpack some of the common areas of practice management, which financial advisers, who are often also business owners, need to act upon on as they strive to build and run a world class financial advice practice and deliver a superior client experience. Brett Davidson is the Founder of FP Advance and the Uncover Your Business Potential programme. He helps great financial planners become great business people, so they can stay in love with their business and fulfil their potential.
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This article endeavours to explain the regulations and what advisers need to do to meet the regulations.
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When I speak to firms who are joining The Timebank, one of the most frequent questions or areas they need help with is processes and procedures and how to document these. Ideally, we slot seamlessly into our client’s existing processes but the act of outsourcing part of their business brings the realisation there are no formal arrangements in place. For smaller firms or brokers used to working on their own, they may say they do not even have informal arrangements in place. Instead, they sort of know what each person is doing. At The Timebank we are in a unique position where we interact with many firms with a variety of sizes and structures, and we are lucky to come across many different examples of processes and procedures, what works well and what works not so well!
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