1. 1. Advice Process
   1. Factfind
      1. Hard Facts
      2. Soft Facts / Objectives
      3. Attitude to Risk
   2. Research
      1. Independent
      2. Restricted
   3. Recommendation
      1. Suitability Letter
   4. Implement
   5. Review
2. 2. Structure of An Advice Firm
   1. Company Structure
      1. Investors
         1. Gearing
      2. Shareholders
      3. Board Structure
      4. Joint Venture Partners
   2. Operational Structure
      1. Investment Proposition
         1. Outsourced
         2. Own Philosophy
      2. Service Proposition
         1. Partners
            1. Platform
            2. Analytics
            3. Investment / Retail / Client Facing Tools
         2. Offices/Branches/Geographic Reach
         3. Back Office
            1. Client Management
            2. Contact Management
         4. Face to face/Non face to face/Internet Trading
      3. Advisers (RIs)
         1. Administrators
         2. Paraplanners
   3. HR
      1. Behaviours
         1. Treating Customers Fairly
      2. Promise
      3. Recruitment Policy
         1. Take on procedure
            1. Fit & Proper Persons
            2. FCA Registered
         2. Induction Programme / "Competent Adviser"
   4. Sales & Marketing Strategy
      1. Personal
         1. High Net Worth
            1. Individuals / Executives / Business Owners
            2. Trustees / Deputyships
         2. Mass Affluent
         3. Retail
      2. Corporate
         1. Non Advisory/Part Advisory/Full Advisory
   5. Compliance & Governance
      1. Risk Management Processes
         1. Retain records.... forever
      2. Performance & Development
      3. Regulatory Body, Reporting, Outcomes Based Regulation
      4. Complaints
         1. Financial Ombudsman Service (FOS)
         2. No time bar on complaints
3. 3. Industry Players
   1. Fund Managers
      1. Manage Money Within Fund Structure (typically OEICs)
      2. May offer ISA Wrapper (only)
      3. Reporting (simple)
   2. Discretionary Managers
      1. Manage Mix of Assets
         1. Shares
         2. Funds
         3. Alternatives
      2. e.g. Stockbrokers
   3. Platforms
      1. Provide Adminstration Service
         1. Fund Supermarket vs. 'Full' Platform
         2. Wide Range of Wrappers
            1. Packaged Inheritance Tax Products
      2. Reporting (comprehensive)
      3. Adviser Tools (e.g. Risk Assessment, Fund Selection)
      4. Adviser Charge Facilitation
   4. Life Companies
      1. Have Been Providers of
         1. Fund Management & Wrappers
         2. Protection (Life etc), Annuities
         3. Packaged Inheritance Tax Products
      2. Becoming More Polarised
         1. Platform / Investment / IHT
         2. Protection (Life etc)
   5. Financial Advisers
      1. Independent
      2. Restricted (8 out of top 10)
   6. Banks
      1. Fund Managers
      2. Discretionary Managers (Private Banks)
      3. Life Companies
      4. Financial Advisers
         1. Restricted
         2. Independent (High Net Worth only)
4. 4. Adviser Charging Structures
   1. Post 31/12/2012
      1. Retail Distribution Review (RDR)
      2. Fee Only
         1. Retail Investments
      3. Commission
         1. Non-Investment Insurance
         2. Mortgages
         3. General Insurance
   2. Typical Charging Structures for Retail Investment Advisers
      1. Free First Meeting
      2. Planning Fee £
      3. Implementation Fee £ or %
      4. Review Fee % pa (must be linked to service provided)
   3. Typical Total Investment Charges
   4. VAT
      1. Exempt
         1. Intermediation
         2. Mixed Supply where Intermediation Predominates
         3. Ongoing Review agreed at the time of the original Intermediation
      2. VATable
         1. Advice
         2. Mixed Supply where Advice Predominates
      3. Expert
         1. Mark Chesham, Director of VAT, Moore Stephens, Bath
5. 5. Types of Product
   1. Retail Investments
      1. Open Ended Funds
         1. Unit trusts / OEIC / SICAV
         2. Exchange Traded Funds (ETFs)
      2. Closed Ended Funds
         1. Investment Trusts / Real Estate Investment Trusts
      3. Structured Products
      4. High Risk
         1. Venture Capital Trusts
         2. (Seed) Enterprise Investment Schemes
         3. Business Premised Renovation Allowance Schemes
         4. Unregulated Collective Investment Schemes (UCIS)
   2. Life
      1. Investment Bonds
         1. Onshore
         2. Offshore
      2. Life Insurance with an Investment Element
         1. (e.g Whole Life for IHT)
   3. Pensions
      1. Personal
         1. PPP, Stakeholder, SIPP, GPP
      2. Occupational
         1. SSAS, COMP, CIMP, DB, CARE Schemes, Hybrid
         2. Auto Enrolment
            1. NEST
            2. Traditional Providers / New Providers
   4. General Insurance (Non-Investment Insurance)
      1. Motor, Household, PPI, Travel, Personal Accident, Legal Expenses, Extended Warranty
      2. Private Medical, Critical Illness, Income Protection (PHI), Term Life Assurance
   5. Mortgages
6. 6. Performance Management
   1. Target
      1. Quantitive
      2. Qualitative
   2. Remuneration
      1. Old World
         1. Self Employed
         2. Small Salary / Big Bonus
      2. New World
         1. Good Salary / Small Bonus
   3. Qualification Requirements
      1. Statement of Professional Standing (SPS)
         1. Annually Renewable
         2. Qualifications
         3. CPD
         4. Complaints
      2. Professional Bodies
         1. Chartered Insurance Institute
            1. PFS
            2. Certificate in Financial Planning
            3. Diploma (QCA Level 4)
            4. Chartered (QCA Level 6)
         2. Institute of Financial Planning
            1. Certified Financial Planner (QCA Level 6)
         3. Institute of Financial Services
         4. Pensions Management Institute
   4. Ongoing Training & Development
      1. Performance & Development Scheme
         1. File Checks
         2. Observations
         3. Activity
      2. Continuing Professional Development
      3. Supervision (1 to 1 Meetings)
   5. Retention
      1. Carrot
         1. Good T&Cs
         2. Good Support
         3. Good Client Proposition
      2. Stick
         1. Restrictive Covenant
7. 7. Regulation of Adviser Firms
   1. Financial Conduct Authority
      1. Key Areas for Advisers
         1. Part IV Permission
            1. MiFID / Non-MiFID
         2. Firm Classification
         3. FCA Handbook
         4. Controlled Functions
         5. Capital Adequacy
            1. Professional Indemnity Insurance
         6. Treating Customers Fairly
         7. FCA 11 Principles for Business
      2. Supervision
         1. Reporting
            1. GABRIEL - 6 monthly
            2. ONA
         2. Risk Based Intervention
         3. Small Firms - 4 yearly contact
      3. Financial Crime
         1. JMLSG
      4. Previously: FIMBRA, LAUTRO, PIA
   2. Financial Services Compensation Scheme (FSCS)
      1. Annual Levy
   3. Financial Ombudsman Service (FOS)
      1. 25 free cases per year, then £550 per case
   4. Other Regulation
      1. Data Protection Act
      2. Consumer Credit Licence
      3. Companies Act
   5. Prudential Regulatory Authority
      1. Part of Bank of England
      2. Regulates banks, building societies, credit unions, insurers and major investment firms
8. 8. Firm Exit Strategy
   1. Trade Sale
      1. Most Common
      2. 3 x Recurring Income
      3. 6 x EBITDA
   2. MBO / MBI
   3. Public Listing