February 2010 News
Thursday, 4th March 2010
Succeeding in FSA interviews, Spam, Networks and more
The GI Consultant NEWSLETTER February 2010
FSA telephone interview – success for client
I am so pleased: one of my clients rang me last month to say that he had passed the FSA phone interview and that it was all down to my coaching and the documentation I provided, he said. Just thought I’d share that!
Anyway, my esteemed client who is an IFA, mortgage and general insurance broker based in Twickenham, has also given me up to date insight into the process involved in this round of FSA/TCF activity and has enabled me to produce advice for clients that should work. It’s really down to knowing what you should be doing, the easiest way to deal with that is to actually do it, and the best way to do it, is the easiest and most useful way – which is best in terms of making sure you actually do it.
Looking at that well worn [pun intended] example ‘Fat Face’ again, they do a lot of ‘TCF’ proving activity, including customer surveys. There are extra queries for returns and they make sure that returning goods is as easy as ordering them. They make clear to customers what options and alternatives there are and keep them regularly informed. Information on ‘sales’ is sent to all customers on the mailing list and not just handed out to attract new people. Now Fat Face don’t HAVE to do all this, indeed, none of it. They enjoy the principle of caveat emptor, being a clothing retailer. Yet they do TCF stuff – I wonder why that would be? It must make them more money, the better they serve their customers, the more they understand them and the closer they get to giving the ideal service, the more stuff they will sell and to more people.
Why not have a look at www.easytcf.co.uk – completely free to trial – get yourself some client feedback without spending too much time or any money. [The trial is free for a month, thereafter the cost is only £15 per month.]
Which networks work?
What makes a good network? With failures making headlines at the moment, network choice is crucial to survival. For many advisers the network route is an ideal option, benefits include:
• No ultimate responsibility for compliance
• Economies of scale on software, services and products
• Readymade systems and procedures
• Business experts and mentors accessible on tap
The best networks will target a particular niche. The network that fits your profile is likely to be the best one for you and if it has a niche it is more likely to be successful as it won’t be attempting to be all things to a wide range of people. For example, Derbyshire based Unleash network founded and spearheaded by Andy Adewale is purely for experienced IFAs, this absolves it of having to deal with the training and competency requirements of raw recruits.
E mail mares
What is spam, what is phishing, what is a virus? Having suffered all these things I thought it might be useful to know some of the signs. I now delete all dodgy messages from my Blackberry, I don’t think I have ever deleted a legitimate message unwittingly as I have learnt the signs, I have fixed infected computers and I have spoken with some experts. So here are some warning signs;
Banks
If your bank really send you a message, it will be accessible though your log in to internet banking. NEVER ever follow an e-mail link. Log on via your browsers, with the internet address you know, look at the message section.
Couriers
For UPS, DHL et al, sign up on their web sites if you think you need to, otherwise, no matter how much you shop on the internet, those messages that say they have an incorrectly addressed parcel for you are not real!
From yourself
Apparently there is a flock of beautiful Russian women waiting on my every word – forget it – delete!
Security
I have seen viruses purporting to be security programs from Microsoft – never, have I ever, received a legitimate e-mail from Microsoft. They don’t know you and they don’t care about you – get over it and delete. Do not follow any links. If you go to Microsoft’s web site then you will find all that they have for you!
Anti virus
Two of my premium anti-virus programs have allowed viruses in. I suspect that none of them can completely keep up to date, so do not rely and be ‘gung-ho’ about opening e mails that you are not sure about.
Face book
Messages inviting you to re-register, update security settings or join weird groups – these may not be from Face book – always log on yourself.
Report
Many networks and antivirus software firms allow you to report problems – report them! If it is legit, it will all work out, if not, then you are helping to alert fellow sufferers.
If anyone has anything to add to this from their own experience, e-mails are welcome. I know this isn’t FSA compliance specific, but it’s a real problem that includes our industry. Time wasted sifting through junk is time better spent on T&C, TCF and FSA! What else would you be doing?
Exam feedback
Have you been lured by the 30 credits for J08? Before you launch in, note that J08 is the application of the other J’s. Doing it first is like doing applied maths before the maths or the marathon before the training.
The other feedback is for all multiple choice – read the question and ALL of the possible answers.
Quality over quantity?
Imagine, you are close to retirement, you have paid your mortgage, but you owe on a car, a holiday, credit cards and suddenly your income is going to plummet. Which option? Bankruptcy, IVA, admit defeat and see what happens or release equity? This needs advice, you might want to leave a legacy, but is it better to leave a house and memories of impecuniosities, or fond memories and sorry, I’ve been ‘SKIING’ but we all enjoyed each other’s company. Sure, this is emotive, but you only live once. Give quality of life a chance! Not suitable for everyone? Don’t want to get sued? Ask someone else to help then!
More information available from Nigel Pamment who can be contacted on 0844 980 8801 or e-mail nigel@myifm.co.uk.
Divorce
Have you got a link with a family lawyer? Are you getting a few pension quandaries or is your relationship more integrated? It might be worth exploring the possibility of a joint offering. Plenty of wealthy people are getting divorced and your worth can be remunerated out of tax savings quite probably. The area is complex; it is worth explaining to a few solicitors though. For more information see footballers!
Last Laugh
A new Element!
Researchers have discovered the heaviest element yet known to science. The new element, Governmentium (symbol=Gv), has one neutron, 25 assistant neutrons, 88 deputy neutrons, and 198 assistant deputy neutrons, giving it an atomic mass of 312.
These 312 particles are held together by forces called morons, which are surrounded by vast quantities of lepton-like particles called pillocks. Since Governmentium has no electrons, it is inert. However, it can be detected, because it impedes every reaction with which it comes into contact.
A tiny amount of Governmentium can cause a reaction that would normally take less than a second, to take from 4 days to 4 years to complete. Governmentium has a normal half-life of 2 to 6 years. It does not decay, but instead undergoes a reorganization in which a portion of the assistant neutrons and deputy neutrons exchange places.
In fact, Governmentium's mass will actually increase over time, since each reorganization will cause more morons to become neutrons, forming isodopes. This characteristic of moron promotion leads some scientists to believe that
Governmentium is formed whenever morons reach a critical concentration. This hypothetical quantity is referred to as critical morass. When catalyzed with money, Governmentium becomes Administratium (symbol=Ad), an element that radiates just as much energy as Governmentium, since it has half as many pillocks but twice as many morons.
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Keywords: compliance, fsa, interviews