Practice management is one of the most important issues for the modern adviser. We at RealAdviser have more responses to our Business Edge section than any other. In this spirit, we have decided to introduce an 'adviser clinic'. Advisers have sent us some of their thorniest business issues and we have approached a panel of experts to help them put it right. We would love to hear from you with business issues on which you would like advice.
This month we are looking at the subject of the paperless office. For many advisers this seems like a nice idea in theory, but they cannot fathom a way to make it work in practice. Advisers are so nervous about compliance issues that they feel they must cling onto all documentation for the next time the FSA comes calling.
As our experts demonstrate, there are ways round this. The implementation of electronic document management is not difficult, but requires a committed change to existing business processes. Much of the problem can be solved by good organisation. The advantages to the advisory business are clear - not only do you reduce your ever-expanding storage requirements, you also present a clean, efficient office environment to your clients.
This is just one of the ways in which the rigours of compliance can be turned to your advantage. In his column this month, Brett Davidson talks about other ways in which compliance can be your friend and help you build a better business. He argues that strong compliance adds measurable material benefits to your business.
He believes that making clients aware of what goes on behind the scenes is vital to helping them understand the value you provide. It reinforces the expertise of the adviser. There is also the more obvious benefit that you don't have to fork out thousands in fines or legal fees.
There are now many ways in which advisers can build long-term value into their businesses. This will ensure that if the time comes to sell, the value is not just built on post-its and pencil sharpeners. We hope this month's issue of RealAdviser will give you plenty of ideas.
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week