OPTIMUM ADVICE E N G A G E – A D V I S E – I M P L E M E N T

- The New Financial Advice Standard

WHO IS REX WOOD

REX WOOD

•MARKETING, M&A, STARTUPS

•IT&T, MEDIA, FINANCIAL SERVICES

•INTERSECTION OF INNOVATION & ENTREPRENEURSHIP

•12 YEARS IN AUSTRALIAN FINANCIAL SERVICES

•BRINGS FIRST HAND EXPERIENCE ADAPTING TO WORLD LEADING LEGISLATION

•THE CHANGE WILL CONTINUE ACROSS UK, EUROPE, ASIA, AMERICAS

•Practices with 2 or more advisers •With current revenue - £80k+ per adviser •Wanting to grow business •Who are ‘client outcome’ focused, and •Open to learning

ADVISERS: We specialise in working with…

To transform their business

“We believe that everyone should have the opportunity to live a fulfilling, empowering and enriching life, free from financial worry.”

“Our purpose is to drive change—to create a new standard for financial advice which leads the market and sets a new benchmark”

NOW!

What market forces?

ECONOMIC • Legislative changes in Financial

Services • Upheaval in revenue generation • Business revenues falling • Business valuations falling • Advisers leaving the sector

SOCIAL • Customer centric • Outcomes not products • Shift in consumer sentiment • Ban on commission • We’re on a change continuum • Bi-partisan support—it won’t be

revoked

CUSTOMERS ARE LOOKING FOR:

• Authenticity • Transparency • Clarity • Trust • Social responsibility • Certainty

TECHNOLOGY Consumers can: •Find, research and buy products •Work out the ‘WHAT’, but not the ‘HOW’

It’s no longer about products-it’s all about implementation

THE CHALLENGE

• 21% of investors claim a good understanding of investment & savings products

• 41% said they couldn’t afford to invest in the stock market

• Those who said they would NOT pay a fee have average of £43,000 investible assets

THE ADVISER RISK

• 69% of advisers expect to lose clients

• Only 19% would be likely to seek advice if paying an hourly rate

• Average anticipated hourly rate – Adviser: £165+ vs Investor: £50-

THE OPPORTUNITY

• 50% say they would use a guidance service

• 75% of the UK’s adult population have LESS than £61,000 in investible assets

• 30% don’t know where to start

• 20% are not confident making investment decisions

•43 million UK adults*

•£440bn investible assets*

•Up to 50% not paying into pension#

What will exist in

the future? * - The Guidance Gap Report - Cass Business School Jan 2013

# - Which? Quarterly Consumer Report – Feb 2013

THE ‘MIDDLE’ MARKET

PROBLEM… How do you engage the market profitably?

Doing more of the same … …is no longer an option

DISCUSSION ANALYSE

SOLUTION

IMPLEMENT

REVENUE

THE OLD ADVICE MODEL

THE CURRENT PRODUCTION LINE HAS REACHED IT’S USE BY DATE

• Product linear • Product focused • Commission orientated • Doesn’t address complexity • Revenue is ‘back loaded’

Financial life is not simple…

It’s very complex and takes time to sort out

reducing debt

investing

cashflow

travel / holidays

retirement

property

saving insurance

structuring finance mortgages

tax

spending

family

pensions

estate planning

LIFE IS FULL OF COMPLEXITY

LINK BETWEEN COMPLEXITY AND SIMPLIFIED SOLUTION

We need to simplify things… not complicate them further

We need an elegant yet simple solution…

ONE THAT INCLUDES EVERYTHING IN THE PROCESS

IT’S TIME TO DO THINGS DIFFERENTLY

“You’ve got to start with the customer experience and work back toward the technology—not the other way around”

WE NEED TO GO RIGHT BACK TO THE BEGINNING… AND COMPLETELY RE-ENGINEER THE PROCESS FROM THE GROUND UP

TURN EVERYTHING ON IT’S HEAD

“Optimum Advice is not about simply tweaking a few things around the edges of an existing business.

It’s about business transformation.

A fundamental and profound shift in the philosophy, methodology and detailed process of running a business that has client outcomes as its core guiding principle.

Anything less and the market will leave you behind.” Rex Wood – Iridium Financial Services

DISCUSSION

REVENUE

DEVELOP

CLIENT STRATEGY

PRESENT STRATEGY

AGREEMENT TO PROCEED

PRODUCT IMPLEMENT

PRODUCT IMPLEMENT

REVENUE

OPTIMUM ADVICE

non-product specific REVENUE

HOLISTIC FOCUS

REVIEW & ADJUST

Then implement stage by stage… making the complex simple

Always with focus on the outcome

Holistic, easy to understand, jargon free

Outcome/goal focused – they’re at the centre

They get a long term financial ‘coach/partner’

40 week implementation program

Ongoing ‘Coach & Mentor Meeting’

FOCUS—increase financial net worth

CLIENT BENEFITS

End-to-end business process & IP

5 Step implementation process

Comprehensive training & education

Ongoing coaching and mentoring

Continually monitor, measure, refine, adjust

Easily generate fee-for-service business

ADVISER/BUSINESS BENEFITS

Lead the market – point of difference

Multiply revenue threshold

Introduce fee based revenue

Grow business value

For existing & new clients

Save time & money – PROVEN process

YOUR RESULTS

THIS IS A GAME

CHANGER

Time to create a point of D I F F E R E N C E

Do you want to lead or follow?

“Innovation distinguishes between a leader and a follower”

Do you want to innovate?

OPTIMUM ADVICE E N G A G E – A D V I S E – I M P L E M E N T

www.iridiumfs.co.uk

discovery@iridiumfs.co.uk

020 3011 0255

Contact Iridium Financial Services for a 1 hour Business Audit & Discovery consultation.

www.iridiumfs.co.uk

discovery@iridiumfs.co.uk

020 3011 0255

@iridiumfsuk

Iridium Financial Services UK

iridiumfsuk