thursday 7 march 2013 · 2013. 3. 18. · 18/03/2013 1 accredited financial planning firms...
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18/03/2013
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Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013
VAT & financial services
Richard Stradling
Baker Tilly
18/03/2013
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VAT AND FINANCIAL SERVICESVAT AND FINANCIAL SERVICES
Richard StradlingAssociate Director
VAT AND FINANCIAL SERVICES
A reminder – the law
• EU legislation Directive 2006/112/EC Art 135(1)(b) (g)• EU legislation – Directive 2006/112/EC, Art 135(1)(b)-(g)
• UK legislation – VATA 1994, Sch 9 Group 5
• Item 6 – “The provision of intermediary services .............. (whether or not
any such transaction is finally concluded) by a person acting in an
intermediary capacity”intermediary capacity
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VAT AND FINANCIAL SERVICES
• What are intermediary services?
The bringing together of persons seeking to receive and persons
seeking to provide financial services; together with
The performance of work preparatory to the conclusion of contracts.....
• Intermediary services do not include;
Market research
Product design
Advertising
Promotional services
VAT AND FINANCIAL SERVICES
The impact of RDR – HMRC’s view
1. gather information about the customer (fact-find)g ( )
2. carry out research to find suitable investment options
3. provide the customer with reports, financial health-checks, forecasts
4. recommend specific investment products to the customer, including prices
5. act between the product provider(s) and the customer with a view to arranging a sale
6. where applicable, ongoing review service,
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VAT AND FINANCIAL SERVICES
The impact of exemption
• No requirement to register unless making taxable supplies over threshold• No requirement to register unless making taxable supplies over threshold
• No recovery of VAT on costs
• Supplies to clients within the EU – outside the scope of UK VAT
• Supplies to clients outside the EU – outside the scope of UK VAT with recovery
• Where supplies are mixed, partial recovery of VAT on costs
• VAT recovery – Partial Exemption methods
VAT AND FINANCIAL SERVICES
Richard StradlingAssociate Director
© 2008 Baker Tilly UK Group LLP, all rights reserved
Associate Director
Baker Tilly Tax and Advisory Services LLP, Baker Tilly UK Audit LLP, Baker Tilly Corporate Finance LLP, Baker Tilly Restructuring and Recovery LLP and Baker Tilly Tax and Accounting Limited are not authorised under the Financial Services andMarkets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they arean incidental part of the professional services we have been engaged to provide.
Baker Tilly & Co Limited is authorised and regulated by the Financial Services Authority to conduct a range of investment business activities.
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PI insurance
Jamie Newell
IFA Solutions
NOT ALL PROFESSIONAL INDEMNITY POLICIES ARE
CREATED EQUAL
A talk by Jamie Newell of IFA Solutions to IFP Accredited Financial Planning FirmsIFP Accredited Financial Planning Firms
7th March 2013Hilton London Kensington
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Changes to the marketplace
• 3 main providers of PII to Financial Planners h ithd f th k thave withdrawn from the market
• The purchase and provision of PII has become “commoditised” since the economic downturn
• The costs of implementing RDR
• Many PII providers know this!!!• Many PII providers know this!!!
Changes to policy wordings
• Introduction of “new” policy language and tterms
• Is your policy FSA compliant?
• Is your excess “transparent”?
• Are you fully aware of your claims notifications and conditions?notifications and conditions?
• Does your policy have a “full insolvency exclusion”?
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Changes to policy wordings
• Introduction of “new” policy language and tterms
• Is your policy FSA compliant?
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Changes to policy wordings
• Introduction of “new” policy language and tterms
• Is your policy FSA compliant?
• Is your excess “transparent”?
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Changes to policy wordings
• Introduction of “new” policy language and tterms
• Is your policy FSA compliant?
• Is your excess “transparent”?
• Are you fully aware of your claims notifications and conditions?notifications and conditions?
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Frequently Asked Questions and Myths
• Claims made not losses occurring
• Limit of Indemnity – costs inclusive
• Retroactive Date
• Product Exclusions
• UCIS
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IFP Accredited Financial Planning Firms PII Facility via IFA Solutions
• Average Premium Saving 22.9%
• Claims Notification ClauseClaims Notification Clause
• FSA DIC Clause
• Transparent Excess
• Fully retroactive
• Pro bono work
• Regulatory Investigations Costs
• Newly Acquired Merged firms auto included• Newly Acquired, Merged firms auto included
Refer to Policy Wording for full terms and conditions
Platform due diligence
Gillian Hepburn
Platform People
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Platform Due Diligence‘N & B l ’‘Nuts & Bolts’
What?
Due DiligenceHow? Why?
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What? Not:
A provider booklet (although helpful start)
A file full of FSA docs A decision based on the ranking tables Mobile phone/ purchasing a car?
Outcome and Application:
Appropriate platform selection
FSA Compliant Documentation
Consistent application in the business Improved efficiency & control Reduced PI costs Increased Value Multiple
What?
Is:
Based on the way you wish to provide a client service
A significant decision A robust comparison (based on knowledge & research) Selection (Primary/Secondary) or a platform review
Why? FSA Comments:
“Clear segmentation of the client bank and effective matching of firm services and platform selection
(following good due diligence) can be a beneficial approach” (PS11/9)
“Market developments….mean periodic reviews may be required” “Very rare, if possible at all, that a firm could use a single platform for all of the investment business
of all of its clients” Key risk: ‘firms failure to carry out adequate due diligence or align the platform with the client base’
Delivery of a High Quality
Client Proposition:
Client reporting Reports Reviews Investment proposition
Why?
Good business practice:
Reduces business risk
Right platform can improve processes, reduce time and support the proposition
Significant costs to move Avoids fines (Moneywise)
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How?Strategic Filters e.g.
Life Office v Independent
Commitment and scale Referrals Dealing and custody only
Timing
Initial platform decision
Annually ‐ FSA good practice Business mergers New clients Change to proposition Market changes e.g. new entrants
Client Service Proposition:
Influence of Segmentation
Reviews and reports Additional services e.g. Tax planning
Support
Online comparison tools
Consultants Service provider How?
Investment Proposition:
Models
DFM (On or off platform?) Active v Passive Rebalancing ATR and Asset allocation
Comparison of your
functional requirements vs Platforms
Define functional requirements
H/M/L to deliver proposition Which platform best suits ‐might be per segment? Charges?
Who owns the Client?
Is one Platform okay?Requirements for DFM Due Diligence?
Ensuring Alignment of Investment Tools and Solutions?
Questions?
DFM Due Diligence?
On or off Platform Tools? Charges Comparison?
What shape are YOU in?
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Session three:Sustainable, profitable & predictable
growth post regulation
Daniel Richards
Insight Marketing & YourIFA.co.uk
3 ways every firm here can protect clients and generate quality new
ones...
Websites | Blogs | Apps | Lead Generation | Consultancy
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Every firm can implement these ideas...
1) Website and blog
2) Mobile Websites
3) Referral generation
Websites | Blogs | Apps | Lead Generation | Consultancy
Free 1:1 available – no obligation, focussed on you, so you get best value...
danielr@insight‐marketing.com | 07879 654191
1) Your website + I‐blog
Websites | Blogs | Apps | Lead Generation | ConsultancyHow does your website make you react?
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Everyone can do these two steps…
•Fundamental SEO to generate visitors to your website
•How to easily manage social media with the unique and proven I‐Blog
Websites | Blogs | Apps | Lead Generation | Consultancy
We’ve all been sold a myth...
Websites | Blogs | Apps | Lead Generation | Consultancy
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What is Search Engine Optimisation?
Websites | Blogs | Apps | Lead Generation | Consultancy
If they can’t find you, they won’t come….
SEO basics
a) page title
b) meta description
c) Keywords, h1 and h2
d) Google places
Websites | Blogs | Apps | Lead Generation | Consultancy
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SEO every page on your website….
a) Page Title
b) Meta Descriptionb) Meta Description
c) H1
d) H2
e) H3
Websites | Blogs | Apps | Lead Generation | Consultancy
f) Keywords in body
If they can’t find you; they won’t come….
http://www.google.com/places/
Websites | Blogs | Apps | Lead Generation | Consultancy
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Now that I’ve found you, what do I do? Converting visitors.....
Do’s Don’ts
Websites | Blogs | Apps | Lead Generation | Consultancy
Do sSoft OffersMeeting request with valueUse forms to capture dataWebinars
Don tsX Have nothingX DistractX Send people off your siteX Have out of date invitationsX Complicate it
Other ways to market....
1)PPC
2)E il k ti2)Email marketing
3)Don’t ignore offline marketing
4)Webinars
5)Backlinks
6)Social Media
Websites | Blogs | Apps | Lead Generation | Consultancy
6)Social Media
7)I‐blogs
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Are blogs really that important?
A few facts: (courtesy of Hubspot’s Marketing Benchmarks report)
• B2B companies that blog only once or twice a• B2B companies that blog only once or twice a month generate 70% more leads than those who don’t blog.
• Companies that increase blogging from 3‐5
Websites | Blogs | Apps | Lead Generation | Consultancy
p gg gtimes a month to 6‐8 times per month almost double their leads.
What is a Blog?
Websites | Blogs | Apps | Lead Generation | Consultancy
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6 reasons to have a blog ….
Websites | Blogs | Apps | Lead Generation | Consultancy
6 compelling reasons for the I Blog
1) It saves hours every week. One post updates
everything including all social media – and your APP
2) Increased traffic to your website 50% +++
3) You are in control – Content creation made easy
4) Full training – free
5) Simple low cost purchase
Websites | Blogs | Apps | Lead Generation | Consultancy
) p p
6) Proven results + proven savings in operational time
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Are all blogs the same? ‐ Here is a common mistake
Websites | Blogs | Apps | Lead Generation | Consultancy
Oh! Here it is . . . . But it will not work like this
Websites | Blogs | Apps | Lead Generation | Consultancy
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How it could be working….
Websites | Blogs | Apps | Lead Generation | Consultancy
Gain difficult web rankings; easily…
Websites | Blogs | Apps | Lead Generation | Consultancy
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Increased traffic – often by 50% or more!
Websites | Blogs | Apps | Lead Generation | Consultancy
One post updates everything
Websites | Blogs | Apps | Lead Generation | Consultancy
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One post updates everything
Websites | Blogs | Apps | Lead Generation | Consultancy
Update Everything Including Your App
Websites | Blogs | Apps | Lead Generation | Consultancy
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Google Alerts – plus other ‘portal’s…..
http://accountancyprofession.com/
http://www.bbc.co.uk/
http://www.telegraph.co.uk/
Plus many other industry specific sources in a few minutes searching....
Websites | Blogs | Apps | Lead Generation | Consultancy
2) Mobile Websites
Websites | Blogs | Apps | Lead Generation | Consultancy
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Mobile websites for a changing world
• 50% of local searches are performed on a are performed on a mobile device
• 183% increase in last 2 years in Europe for mobile share of web traffic
• 27% open rate from
Websites | Blogs | Apps | Lead Generation | Consultancy
• 27% open rate from our last e‐shot!
• 327 empire state buildings every day!
Find the people they know, that you want to do business with....
Websites | Blogs | Apps | Lead Generation | Consultancy
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2 final ideas... Apps & Coffee!
Websites | Blogs | Apps | Lead Generation | Consultancy
www.yourifaapp.co.uk
Custom Design | Home Menu | Calculators
Websites | Blogs | Apps | Lead Generation | Consultancy
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Websites | Blogs | Apps | Lead Generation | Consultancy
The importance of coffee....!!
Websites | Blogs | Apps | Lead Generation | Consultancy
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Turning conversation into currency
We generate a return ONLY once the engagement goes offline.
Therefore it is critical to have a
Websites | Blogs | Apps | Lead Generation | Consultancy
defined & integrated offline strategy to get ROI from your social networking.
Next Steps and Q&A....
Free no obligation website, I‐blog or App demo from the comfort of your own desk
Free 1:1 by phone for confidential, expert, no obligation review f fi k ti
Websites | Blogs | Apps | Lead Generation | Consultancy
of your firms marketing
07879 654191 danielr@insight‐marketing.com
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Accredited Financial Planning Firms Conference 2013
Thursday 7 March 2013
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