Connected Issue 74 - Winter 2019

Connected Issue 74 - Winter 2019

connected A Tenet Group Publication Issue 74 Winter 2019

SPECIAL FEATURES Are you a Principal looking to retire or leave the industry? Our Practice Buyout Scheme could help you plan your future.

OTHER FEATURES Are you looking to expand your business in the New Year? We can help. Industry Update - A view from Royal London

TENET COMMUNITY The toughest challenge – climbing Kilimanjaro! Neil Flint, Principal of Alexandra’s Financial Management Ltd shares his recent challenge.

The Intelligent Office journey and transition – where we are now Canada Life has greatly improved the investment options within our flagship pension solution, The Retirement Account, to give your clients the pension freedom they deserve. Built with extensive input from financial advisers, The Retirement Account allows clients to consolidate their pensions, make regular contributions, and seamlessly move into pension drawdown or access guaranteed income when the time is right. The Retirement Account Complete flexibility for you and your clients We have listened to what advisers have been telling us, and this update to The Retirement Account is a statement of our ambition to become the market leading provider in the pension and retirement planning market. On top of our existing unique capability, allowing customers to blend drawdown with a guaranteed income, we have greatly expanded the fund range and added much improved digital capability. We recognise this market is constantly evolving and to stay ahead we have a dedicated team work n to continually enhance the product, seeking continuous feedback from the adviser community. S an Christian, MD and Executive Director at Canada Life

You’re in control with The Retirement Account

For more information call 0800 912 9945 or visit canadalife.co.uk/adviser

The Latest Provider Support Offering insight into market conditions and adviser opportunities

Telephone calls may be recorded for training and quality monitoring purposes. MGM Advantage Life Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (U.K.) Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales. Registered no. 08395855. Registered office: 6th Floor, 110 Cannon Street, London EC4N 6EU.

Get to grips with your clients’ changing retirement journeys

The Retirement Account enables complete flexibility for you and your client. Built with extensive input from financial advisers, it offers: • Optional guaranteed income that you’re free to adjust for your client with the benefits of flexi-access drawdown • A broad choice of investments, flexible enough to deal with changing objectives • Three distinct fund ranges, each with specific purposes • A competitive and simple charging structure, with no charges for switching • A focus on strong governance

You can also phase tax free cash withdrawals automatically, alongside any amount of taxable income your clients need, for complete flexibility to adapt as they go through life.

You’re in control with The Retirement Account

For more information call 0800 912 9945 or visit canadalife.co.uk/adviser

Telephone calls may be recorded for training and quality monitoring purposes. MGM Advantage Life Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (U.K.) Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales. Registered no. 08395855. Registered office: 6th Floor, 110 Cannon Street, London EC4N 6EU.

connected A Tenet Group Publication Issue 74 Winter 2019

SPECIAL FEATURES Are you a Principal looking to retire or leave the industry? Our Practice Buyout Scheme could help you plan your future.

OTHER FEATURES Are you looking to expand your business in the New Year? We can help. Industry Update - A view from Royal London

TENET COMMUNITY The toughest challenge – climbing Kilimanjaro! Neil Flint, Principal of Alexandra’s Financial Management Ltd shares his recent challenge.

The Intelligent Office journey and transition – where we are now

The Latest Provider Support Offering insight into market conditions and adviser opportunities

WELCOME – 3

Editor’s Foreword

CONTENTS… what’s in this issue

4 The Intelligent Office journey and transition – where we are now Steve Jones, Adviser Relationship Director, looks at some of the key areas where we’ve made changes, which hopefully are starting to deliver results for you, the end-user. 6 Are you a Principal looking to retire or leave the industry?  Our Practice Buyout Scheme could help you plan your future. We have developed a Practice Buyout Scheme to help members who want a clear succession plan for the future, which rewards the loyalty and longevity of being one of our members. 8 2020 is just around the corner… Make a date in your diary for upcoming events and kick start your CPD requirements

Welcome to your Winter issue of connected This issue sees our latest update on the Intelligent Office implementation taking the headline spot. Steve Jones, Adviser Relationship Director, focuses on where we are now and acknowledges the significant challenge it has placed on our member firms. A number of key aspects have been summarised. We will continue to support you and deliver the help you need to embed iO into your business. You can read his article on page 4 and 5. Also in this edition Steve has been busy in this issue as he also highlights Tenet’s Practice Buyout Scheme. At Tenet, we are not just here to help member Principals prosper now, we are also here to help by creating a viable exit plan when members are looking to retire. With 11 successful Practice Buyouts under our belt, maybe this is something to consider if you are a Principal looking to leave the industry or retire? Take a look at pages 6 & 7. Protection is set to feature heavily in 2020, as an area where more can be done to help you generate sales and for protection to become a cornerstone to every advice interaction across the Tenet network. This issue sees the start of this focus. See page 10. A first in connected, this edition includes an industry update from Royal London and we also have our regular events update setting the scene for 2020, with a range of new events coming to a location near you. A must for your CPD requirements. If you are looking to expand your business in 2020, we can help. With a dedicated recruitment consultant providing a free service for TenetConnect members you may find our latest article of interest. Take a look at page 14. Supplement enclosed with this issue With this edition we are including ‘Fund Spotlight’. This publication provides a dedicated medium for Fund Managers to showcase their products and services to ensure you are up to date with all the latest news and information in the fund management sector. Finally… On a final lighter note, we include a community article from Neil Flint, Principal of TenetConnect firm Alexandra’s Financial Management Ltd. Neil recently climbed Kilimanjaro and his frank and personable account makes for an interesting read. See page 39. I hope you find connected informative and useful, and, as always, please let me know if you want me to include anything else in future issues. You can email me: [email protected]

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10

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10 Change the conversation C reating a focus on protection

12 Industry Update

A view from Royal London

14 Are you looking to

expand your business in the New Year? Let us help you take the hassle and cost out of recruiting.

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PROVIDER SUPPORT 15 - 40 Latest News and Products

With best wishes for a merry Christmas and peaceful, productive and happy New Year.

Sara J Healey Marketing Consultant

WINNER BestNetwork

Contacts

Editor Sara Healey

Published quarterly by Tenet Group Limited 5 Lister Hill, Horsforth, Leeds, LS18 5AZ

connected Magazine is for internal purposes only and is not intended as an advertisement. As a result this should not be issued in any form to clients. Not all the products in this feature are the responsibility of the Tenet Group Limited. Terms and Conditions. Although every effort has been made to ensure the accuracy of the information contained in this publication, The Tenet Group cannot accept responsibility for any errors it may contain. The Tenet Group cannot be held responsible for the loss or damage of any material, solicited or unsolicited. No reproduction of any part of this publication, in any form or by any means, without prior written consent from The Tenet Group. The views expressed in this publication do not necessarily reflect those of the advertisers or the publishers.

Tel 0113 239 0011 Fax 0113 239 5322

connected - a Tenet Group publication­

4 – TECHNOLOGY UPDATE

The Intelligent Office journey and transition – where we are now

Steve Jones Adviser Relationship Director

Training and Support Training has been a key area where some of you have highlighted the need for additional support. Whilst our frontline team have worked tirelessly to address your more immediate issues, in the background, we have been reaching out to all our member firms to find out where you are in the journey to adopting iO and if you have any additional training needs. We have subsequently been working with those of you who want more help to transition, which includes providing additional face-to-face sessions at a wider selection of venues in the UK, throughout December. To facilitate this, we’ve employed seven new full-time iO training consultants, who are purely dedicated to this. On the more immediate front, we increased our first-line headcount in October to deliver more screen share sessions with the iO support team and cut down on call waiting times. We’re also continually reviewing the feedback we are receiving from our members to understand where additional guidance is required. For example, this has resulted in a quick glance guide to the investment advice process and a pragmatic approach for undertaking standalone general insurance. System and Processes We always knew that our system configuration would evolve from go-live, but in line with your feedback, we identified a number of key areas where we needed to fast-track our plans to help you with your day-to-day adoption of the system. We were able to quickly give you the ability to delete documents, clients and plans as required and we are also starting to look at extending document design/ branding capabilities for firms.

We’re now over two and a half months into the Intelligent Office (iO) implementation and I’d like to take this opportunity to summarise how things have evolved since 25th September. We recognise that a change of this scale places a significant challenge on our member firms, and I firstly wanted to say a sincere thank you to you all for your effort and resilience over the past months. I’ve had many individual phone conversations, group meetings and have met a lot of you face-to-face at our final round of Professional Development Meetings, so I am very much aware of some of the challenges you have faced. Since launch, we have been tracking member reaction to the rollout on a daily basis. This includes analysing the feedback and query themes from the calls made into our iO support team and proactively speaking on a 1-2-1 basis with over 95% of our member base to understand your individual position, where you need additional support and what you are finding challenging. From this, we have established three key areas of focus that, working with our members, will get us to a position where the system is fully implemented. These are: a. Training and support b. System and processes c. Payments and matching Let’s walk through these areas specifically to highlight the activities already completed at the time of writing and those we have planned for the weeks ahead.

We are also in the process of producing guidance for some more specialist areas of advice, including defined benefit pension transfers and pension crystallisation. Finally, we are continually reviewing the content of our existing templates and enhancing these, to ensure that they’re as user-friendly as possible. In addition to these changes made by Tenet, your feedback has also helped us to collate a list of system developments, particularly around using the system for mortgage business, and these are currently being reviewed and prioritised by Intelliflo. We will be sharing the key themes of these and the anticipated delivery dates once finalised. Payments and Matching Whilst we did thoroughly test the payment matching process in the run up to go live, the introduction of 25 years’ worth of Tenet Advantage >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44

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