The 1st January 2013 will see Retail Distribution Review changes come into force, leaving the client who has a small pension fund no longer able to receive advice from their IFA in a cost-effective way.

Forthcoming FSA rules will pose a dilemma for the client:

• Do they pay fees which are not commensurate with the size of their fund?
• Do they manage their own affairs?

The reality of advice in a post RDR world is confusing for the client but, with support from their IFA, the dilemma is answered, enabling the IFA to continue to provide financial advice to the client.  The IFA now has access to an online pension administration service for clients where it is not feasible for them to pay for annual reviews and ongoing administration; therefore maintaining the confidence of those clients affected by Retail Distribution Review changes.  Go to www.rdresolutions.co.uk for detailed information.

Having researched the whole-of-market, Scottish Life, the award-winning pension specialist company, is the natural selection for RDR eSolutions.  With their RDR friendly personal pension plan and Governed Portfolio Lifestyle fund management style, Scottish Life provides the ultimate default pension. 
 
Ewan Smith, Managing Director of Scottish Life says ‘Scottish Life is delighted to have been selected by RDR eSolutions, recognising our excellent service and robust investment governance process, as well as our commitment to the intermediary market.’
 
How does RDR eSolutions meet FSA Regulations?

RDR eSolutions meets all the necessary ‘Treating Customers Fairly’ requirements, is completely fee based and in line with the forthcoming Client Agreed Remuneration requirements, as set out by the Financial Services Authority.

Is this the right move for a client?

The stringent administration process that RDR eSolutions provides for the IFA will not accept a client if it is not in the client’s best interest.  The online application will only allow completion if it is in the clients best interest and not detrimental to their existing arrangement.  This system is of paramount importance in protecting both the IFA and their client.

What are the costs and how will they benefit the client?

RDR eSolutions service is completely fee based, in line with Client Agreed Remuneration requirements and will charge a single fee of £150.00 to cover the cost of compliance, the transfer process and administration.  The client will continue to receive cost ongoing annual reviews and administration for £120.00 per annum, both paid directly from the client’s pension plan. 

There will be no additional charge for any regular contributions.

How much work is involved for the IFA?

The straightforward online process for the IFA introducing a client is a simple, easy to follow procedure; visit www.rdresolutions.co.uk to complete a sample case and see how it works. 

The main administration, compliance requirements, attitude to risk calculations, fund selection etc are completed by RDR eSolutions.  RDR eSolutions raise all the necessary documentation required by the IFA and completes the transfer process, leaving the IFA secure in the knowledge that their client has received and will continue to receive a professional service.

What are the benefits to the IFA?

The IFA will be remunerated by RDR eSolutions for each completed case, with an annual remuneration for every year that the pension fund remains with RDR eSolutions.  RDR eSolutions guarantees, under current legislation, not to transfer the client away from their chosen pension plan provider, Scottish Life.  RDR eSolutions will encourage the client to contact their IFA should they require financial advice in the future; the IFA’s contact details will appear on the client’s half yearly and annual statements.

Sales and Marketing Director, Paul Hambridge says ‘We are proud to announce our launch as RDR eSolutions offers the ideal solution to an imminent problem for the Independent Financial Advisor with small fund pension clients, under the new RDR criteria.  Every step of establishing a positive way forward for the future has been closely scrutinised and we are satisfied that we provide a clear answer to the Retail Distribution Review.  Our objective is to be the IFA’s pension administration outsourcing partner of choice, striving for service excellence in providing solutions for the IFA and their client. 

RDR eSolutions processes the client details, raises the necessary documentation and information for Barnes IFA Ltd, who will provide the appropriate advice directly to the client.  RDR eSolutions will be responsible for the client’s ongoing pension review requirements. 

For further IFA information about RDR eSolutions service visit http://www.rdresolutions.co.uk/

All press enquiries to: Ewen Barnes 01202 567936.  Email: ewenbarnes@rdresolutions.co.uk

IFA contact: Paul Hambridge.  Email paulhambridge@rdresolutions.co.uk
Telephone 07884 – 310196 Mobile 01626 – 866423

RDR eSolutions Ltd. Stephen House.  23a Bargates.  Christchurch.  Dorset.  BH23 1QD.
RDR eSolutions Ltd is a trading name of Barnes IFA Ltd, authorised and regulated by the FSA no 572136.

Are you Protected?

It has been a while since my last blog and so much has happened. Talking of time, how quickly does it fly? We are already in October and the stores are filling up with Christmas puddings !!! (Cringe)

Time is running out too for Protection cover, is this you?

• Been thinking of having protection insurance but not sure where to go?
• Not sure how much to insure your life for?
• Do you have any protection insurance at the moment?

 Get covered for less.

With the new EU legislation coming into force on 21st December it is likely that women will be paying more for protection insurance. Previously providers based their premiums on Gender  ratings  where women are considered to have  fewer accidents than men and therefore lower premiums. However, to determine a premium other factors are taken into consideration state of well-being, if you’re a smoker, no of units of alcohol per week, etc. From the 21st December it will become illegal to determine gender as a factor in your premiums. 

So if you’ve been thinking of getting Life Assurance, Critical Illness, Income Protection, etc, now is the time to start securing your future and having that peace of mind for yourself and your family.

Contact me today and I can recommended with a Professional Adviser.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

The most common signs of when you need support within your business and how a Virtual Assistant can help.

1. Your to do list is getting bigger by the day.
2. Stuck in the office – time to get out and go networking, training, branch meetings, study and take time out knowing you have a reliable PA organising your virtual office.
3. Require a Temp to cover over the summer holidays?  Avoid the costs of agency fees and go direct with a VA (North London)
4. Productive – be more productive and start building strong client relationships.
5. Better work/ life balance and not catching up on late nights and weekends.
6. Multi – tasking and drowning in admin tasks surely you can’t do it all yourself.
7. Your not achieving your business goals.
8. Missing important deadlines.
9. No time to raise your business profile and work on your business.
10. Someone who really cares about your business and wants you to succeed.

Does any of the above sound familiar? If so, why not contact me to see how I can add value to your business.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

As the summer term approaches where schools out and staff  absent, how will this effect your business?

Do you have procedures in place? Will you be hiring a temp? What could you be doing over the summer months that can make your business more productive from September onwards? By allowing PA Workstation deal with post, filling, de-cluttering and tidy database  enables you to come back with a fresh approach to your business ready to start fresh.

Here are some of the things I can assist you with:

• Call Minding - Who will cover the phone whilst your away?
• De-Cluttering- Is your office overloaded with paper files? Do you need to clean up and scan/shred files? Create a contact database? Organise your files in your Microsoft Office library?
• Backoffice- Do you have clients that need to be entered into your database? Perhaps you would like your networking contacts entered?
• Company Information – By having an organised system like a list of providers, broker consultant details and company procedures set up will enable you to work much more effectively.

Contact me for a free consultation, to see how I can help your business run smoothly over the summer months.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business . 

Change is a huge concept to grasp especially were advisers have been working within their structure for many years and then BOOM the road to RDR. Current pressures of becoming RDR ready by 2013: Independent v Restricted, Marketing, Compliance, Technology, Service standards for each and every client administration. What strategies are you employing within your business? Do you have a structure that your following each month to get RDR ready?

I am currently reading Chris Davies book ‘Winning Client Trust’ and it details the social challenges that lie ahead. It also demonstrates the value chain, putting the client first and unfolding all concepts of hidden costs so that clients will get to trust again.

As I was reading I wanted to share with you Mr. Davies few likely outcomes on what it could look like post RDR.

• Clarity on value -  How are you valuing your clients? Do they know where they stand with their plans?  What if you have your back office procedures up to date and in place. What could you be getting on with? There is so much information on technology these days, wouldn’t it be nice to have some time to call your clients to see how they are? Start building strong client relationships.  

Time to build Strategic Alliances

• Partnership – start building on those strategic alliances and join other professionals like solicitors and accountants. Do you currently have the time to make these connections? Would you start making connections knowing that your administration is up to date? Instead of setting a day or evening aside to catch up on paperwork this will enable you to use that time to network or make those important phones calls to your clients?

Don’t drown in administration when it’s easily outsourced

•  Innovation -  So you have seen the client and detailed notes on a factfind, kept an audio transcription. How would that information get transferred onto your database?  Is your CRM up to date with accurate client details? Do you have relevant software in place? Have you registered with certain provides, platforms, wraps?  Delegate to a VA today and save time.

Know where your business sits in the Industry. 

• Clients first – understanding clients needs and wants. Does your client understand what his/her plan actually does? How much is the plan / advice costing them? Put your clients first by enabling PA Workstation deal with your administration.

Outsource your administration to PA Workstation

As a VA I can assist you with structuring your business and creating documents that are handy resources, listing important contacts, creating  market research for your target market, keeping your client database up to date, chasing anything outstanding in the pipeline etc.

“Remember we have a marathon ahead not a sprint” Value your business and ask me about a trial run to see if the Virtual working relationship will save you time which will enable you to concentrate on your business profile.

Find out more about Chris Davies book Winning Client Trust 

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

It’s VA Global Week

This week it’s VA Global Week which means many Virtual Assistants get together and share ideas, business practices and a chance to meet new VAs. The main aim of this week is to inform others the benefits of a Virtual Assistant and what it means to your business.

Main objectives of this week

•  Bring awareness of the VA industry
•  Encourage VA networking, training and communication worldwide
•  Bring VAs together from all over the world
•  Promote awareness to business owners
•  Create a worldwide media campaign and educate business owners

What it means to your business

• Lower costs
• Gain access to the right sort of VA for your industry
• Delegate tasks that others have knowledge in specialist areas
• Increase business flexibility and not tied to 9-5pm
• 98% of sole traders already use a VA
• 58% of small business outsource to a VA
• Your no longer responsible for NI, Tax or any other employee related expenses
• So what’s holding you back from your business? Not sure what to outsource or how?  Think about your daily activities and  see how much time is spent on administration which can be outsourced? Call me today for a free consultation.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises.

Contact Gina to find how a VA can benefit your business.

What is it about the industry I like so much and why IFAs? The reason why I have chosen to specialise in IFA administration is how familiar I am with certain procedures. I enjoy seeing a client story from initial enquiry to gathering illustrations, preparing for client meetings, through to the final stages of documentation.

I fell into the industry as a general insurance sales consultant constantly dealing with client enquiries on their car insurance and providing quotations. From there on I wanted to progress my skills even further and worked at Prudential handling a team of financial consultants along with a sales manager and a branch manager. I enjoyed assisting consultants that they kept coming back to me, may I add their were 3 other administrators at the time and yet they  choose me for assistance?!?!  The line manager did comment and kindly told the FAs  other administrators are on hand, why you keep bothering Gina.  Looking back at this now is funny because the reason for them coming back to me meant that I was quick in helping these advisers and most importantly, they could see I enjoyed my tasks and that I took pride in what I do. Whether it was to process an application or finding out the sales stats to looking up a client and printing out plan details. I loved the fact that I was helping advisers and that they kept coming to me which motivated my learning.

I then had a bug for the industry and wanted to further develop my skills so I picked up a green BPP FPC1 book and thought it would be  interesting and I remember studying this book every single lunch time. My colleagues thought I was crazy wasting my lunch break but I enjoyed studying and still do. I then went for my Exam in April 2000 and passed. I should have carried onto FPC2 but I was then made redundant in early part of 2001 and then another chapter in my life opened.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

Do you realise the cost of hiring an Employee ? The cost of finding the appropriate candidate for your specific task? If you end up with the wrong candidate how would you dismiss them if restricted under a contract?

Employment Taxes

Upon agreeing on fixed cost to your new employee you are also responsible for adding  tax, national insurance, maternity/paternity, sick pay, holiday pay all of which will be added on top of the agreed fee. Failure to do so could lead  paying a penalty. Are you really in a position to worry about all these additional costs when it would be much simpler outsourcing your administration to a professional PA?

Pensions

As your business expands and grows you are likely to have to provide a pension scheme and pay a contribution. What about other benefits: bonuses, company cars and Private Health Insurance.

Space

As an employer you are responsible for providing desk space, pc, printing costs, facilities for tea and coffee, electricity and heating.

Employers Liability Insurance

It is compulsory to purchase  liability insurance which protects your employees if they fall or injure themselves. The cover must be for at least £5 million. This is an additional expense as a business. Along with the Health and Safety within the office of securely tidying plug leads and cables so that your employee does not trip. Ensuring you have office chairs that protect the lower back, safety measures distance from pc, RSI.

Management of Time

How much time is it taking your employee to complete a task?  What about all the other hidden costs of lunch beaks, tea/coffee breaks, out the office for a cigarette break. Why are you paying for hidden costs instead of actually paying for the task in hand? What about the cost of training a new employee and your time as a business investing in that employee who then leaves.  As a business can you afford to keep spending time training new employees ?

Benefits of outsourcing to a Virtual Assistant.

By outsourcing to a Virtual Assistant you wouldn’t have to pay for any of the above. Absolutely nothing at all.  Imagine all the money you will be saving? PA Workstation is its own business entity and like any other business has procedures set in place that is totally responsible for self-development, office space, liability insurance, data protection, employment taxes and pensions. The most important aspect of using a VA is that you only pay for the time that is spent on the task and nothing more.

If you feel that hiring a VA is expensive than think again because you are actually paying more when you employ someone.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

Over the weekend I attended one of the most inspirational and motivational event for the VA industry. As a business owner I constantly thrive on self-development and skills training as I  attend as many conferences and workshops as I can. With this particular event I have met other VAs in the business whom we shared ideas, thoughts and feelings. In addition to inspirational speakers.

The VA industry is definitely a growing industry and thriving with new VAs embarking on a fulfilling career. There are Virtual Assistants for each industry Coaching and Consulting, Auditors, Solicitors and my niche area is the Financial Services with over 10 years administration experience which is constantly expanding and ever evolving.

The VA industry is rather new and not many businesses have heard of  Virtual Assistants and the benefits it provides opposed to an employee. With a VA you no longer pay for overheads, self-development, training, sick and maternity days, holidays as all established professional VAs are small business entities in their own right. Why would you want to hire a school leaver and pay minimal cost who will take up most of your time in training, showing them their way round, explaining basic financial industry knowledge. Your business deserves so much more, outsource to a VA who has the range of experience and does the job in hand. Not sure where to start and how to delegate? click here to read more

With the advance movement of technology a lot more businesses are outsourcing in order to save costs and time why wait until the next morning to log on a proposal where a VA is available to submit that same evening.

There is so much to discover by working with a Virtual Assistant. What you waiting for? Find out today how I can help.

Gina Antoniou is the director of PA Workstation offering administrative support to Independent Financial Advisers and Small to Medium Sized Enterprises. Contact Gina to find how a VA can benefit your business.

Contact Gina today to see how we could work together as a team.

GROW Your Business – Goal Setting for Success

You can use this framework to help you set a business goal, look at all the options then choose the best way forward to achieve it, thus growing your business to greater success.

Goal

Ask yourself: ’If I knew I was going to be successful, what would I be doing with my business?’
Set a goal to grow your business, make it SMART (specific, measurable, appealing, realistic and timed i.e. by when do you want to achieve it).
State it in the positive i.e. what you want to happen.
Choose values you hold to draw on for motivation e.g. challenge, achievement, security, freedom.

Reality

What is the reality right now, in respect of this goal? Be honest with yourself. What needs to change?

Options

What are your options for achieving this goal? Keep asking: ‘What else, what else?’
(Be as creative as possible, do not discount anything, look at every possible option)

Way Forward

Review all your options and decide the best way forward. Decide what actions are needed for the chosen option, to achieve the goal.
Add a timeline, deadline or milestones so you can monitor your progress, put these in your diary. Think of someone who can hold you accountable, who you can share progress with and then celebrate success with when you achieve your goal.
Remember: ‘You get what you focus on’ (Focus on the problem and you get a bigger problem, focus on the goal, solution or outcome and that is what you will achieve) It is fear of failure that may stop us setting the goal, fear of success that may stop us achieving it and fear of change that keeps us stuck in the present situation. 

Face your fear, trust your gut instinct and intuition and take small steps of courage towards your goal.  This helps you to regain control and respond well to opportunities to grow your business into the one you’ve always dreamed of having.
Enjoy…

Lindsay West Coaching happier, healthier, more successful

lindsay@careercoachlondon.com

www.careercoachlondon.com

020 8373 1127

07795 975980