Guide to Start Your Year - Issue 2

Guide to Start Your Year - Issue 2

ISSUE 2 | WINTER 2019

Looking ahead to the New Year

ALSO IN THIS EDITION

Don’t miss our Events Programme for 2020 included with this magazine

Technical Services & Research Review Find out what the team have been working on now and into the year ahead

Marketing Get your year off to the best start with our Toolkit

EDITOR’S FOREWORD

By Natalie Yarwood Marketing Consultant

We would like to take this opportunity to welcome you to the second issue of Guide to Start Your Year.

Also in this issue: The Outsource Marketing Department discuss why it is important to assign time to marketing your business and notes the options available to help your business prosper in the New Year. Steve Owen from Standard Life, shares the questions advisers ask most often when selecting a new platform, and explains how to get a platform that meets the needs of clients and due diligence requirements. Aberdeen Standard look into how investing can be a natural fit for long- term investors. They have found that a growing number of clients are recognising that sustainable and responsible investing is a natural fit for intergenerational financial goals.

John Chew from Canada Life reviews how the Retirement and Pensions industry continues to face a number of changes in 2020 which will affect both your clients and your business. Equity release lender more2life, look ahead to 2020 and review the challenges facing the market following a strong run up to 2019, and then the impact of Brexit on the market. If you have any feedback on this issue, please do let us know if you think we can improve the magazine going forward. Best wishes Natalie Yarwood Marketing Consultant

In this issue we reflect on what has happened in 2019, as well as look to the New Year to discuss the latest opportunities and developments on the horizon. Our specialist providers will also be offering valuable support, expertise, tools and business development ideas. We open this first edition with: Simon Broadley looks back at some of the big changes which have happened in 2019 at Tenet. For instance, Mark Scanlon taking over the reins from Martin Greenwood, plus launching Intelligent Office in September as our end-to-end business management system have contributed to 2019 being a year of change at Tenet.

In this issue

Provider Support

Tenet Update Simon Broadley gives us an overview of what’s gone on at Tenet in 2019

Just The past can future proof your advice process

13

4-5

Marketing How to market your business in 2019

Fidelity The rise of China’s local leaders

21

6-7

Technical Services & Research Review

Invesco 2020 economic outlook

8

28

Discover what the team have been up to and going forward into next year

Tenet Events 2020 is just around the corner – make a date in your diary for our first round of events

Vanguard How big is the BBB problem?

30

9

Marketing Support for the New Year Free marketing support to give your business a boost

10

Plus much more…

EDITOR’S FOREWORD - 3

TENET UPDATE

By Simon Broadley Adviser Propositions Director

In this article last year, we looked forward to what 2019 might bring and commented that no one could predict what Brexit deal, if any, we would end up with. Fast forward 12 months and not much has changed on this front! Brexit has contributed to a relatively quiet year on the regulatory front however, with much of the FCA’s focus pointed at ongoing preparations for our departure from the EU. There have been some big changes for Tenet this year however, with Mark Scanlon taking over the reins from Martin Greenwood, following his eight year tenure as chief executive. With a career of building and growing businesses underpinned by digital technology, Mark very much believes that advisers will never be replaced with technology but they will be replaced by advisers with technology. On this theme, a major milestone

this year was the launch of Intelligent Office in September as our end-to- end business management system. A change of this scale will always represent a challenge, and I wanted to again thank you all for your effort and resilience over the past months. 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. Training has also been a key area where you have highlighted the need for additional support and we are currently working with those of you who want more help to transition, which has included additional face-to- face sessions at a wider selection of venues in the UK, facilitated by seven new full-time iO training consultants. Finally, matching is now up to an average of 90% across the networks, bringing us back to pre-Intelligent Office levels, but we’ll continue to support all firms to achieve these levels and beyond. We continue to enjoy the full support of our major shareholders, who have a strong desire to see the business continue to succeed and develop and to see what we can achieve as a group.

A key strand to this is our continued regional growth, via our practice buyout scheme. Our most recent acquisitions established a new hub in Nottinghamshire, following the successful establishment of hubs in Preston, Northampton, Leeds, Edinburgh and Cardiff. This supports members whose businesses present the right fit for Tenet with the ability to realise the value they have built up within their firm, at the same time as retaining a safe home for their client bank. On the opposite end of the lifecycle, we launched a successful mentor scheme for mortgage and protection advisers this year, which offers full support for trainees with CeMAP or equivalent to achieve competent adviser status. With the two intakes so far this year fully subscribed, the next one in taking place in March and we are currently recruiting for additional mortgage mentors with an eye to expanding the scheme. 2019 has been one of our best years for adviser recruitment into the group, with an average of over 30% growth in new joiners across TenetConnect, TenetLime and TenetSelect and we plan to concentrate on growing and developing these core elements of our business in 2020, which includes our fully owned national advice firm, Aspire.

We can go into 2020 in a position of strength and start concentrating on some of our new initiatives to grow your business and work with you on a more proactive basis.

4 - TENET UPDATE

and procedures. This means we can continue to offer stable premiums and our unique run off cover to members. Aside from the impact of a general election and possible Brexit, which without the aid of a crystal ball I’m unable to comment on at the point of writing, we can see some key themes for the year ahead on a regulatory front. Due early 2020 are the final rules regarding the possible ban on contingent charging for pension transfer advice. We will also see the publication of the policy statement in relation to the proposed changes to the mortgage advice and selling standards in the first quarter of the year, to address three key harms identified through the Mortgages Market Study. As a reminder, these were that the FCA’s advice rules and guidance are a barrier to the development of tools to help consumers choose and buy a mortgage, the difficulty for consumers who would like to buy a mortgage on an execution-only basis and that many consumers are overpaying for their mortgages, even when they get advice. DB pension suitability will be an ongoing FCA focus, along with the sustainability of income in retirement. There will also be regulatory focus on firms’ culture, fair treatment for vulnerable customers and value for money.

With representatives on the PIMFA Regulatory Committee and Compliance Committee and my own position serving on the AMI Board, we are not only privy to what is coming down the track, but also able to help influence future decisions and champion the role of the adviser. In summary, the latter part of 2019 has been a real transitional period for Tenet, with the adoption of a new technology solution and the changes in our policy and processes that this has driven. It’s not been as smooth as we would have hoped, especially on the payment front, where 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

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