How do you get started with moving forward

Ok, so if you have been following we’ve talked independence, industry and dealer groups.

Monday, October 22nd 2018, 8:00AM

If you don’t have a dealer group, hopefully, you’ve had a look around at who’s who.

How do you make this work?

Take a piece of paper and make a plan.

It doesn’t have to be complicated; you won’t do it if it is!

On that paper, in landscape, draw three columns; competency, systems, and qualifications. Everyone will be different, so paint in your picture, because that’s what you need right now.

In the competency space:
-On the left-hand side write down the top three providers you use.
-Next to that write the date of your last full product accreditation.
-Below those three list the rest of your providers and the date of the product accreditation
-On the right-hand side of that column, write down the name of your BDM, if you don’t have one or don’t know two ?? will do.

In the systems space:
What do you have?
Are you still paper based, have you digital systems that don’t talk to each other?
Do you have a CRM or are you still using a tickler box in the boot of your car?
What things would you like to have in your business, but don’t because you have no idea how to make it work?
Yup, write them in too. Don’t be shy; I can’t see your paper, but I know they are there ;)

In the qualifications space:
What formal qualifications do you presently have?
What part qualifications have you picked up along the way, i.e. started Level 5 but didn’t finish it?
What is needed for you to achieve at least a Level 5 in your preferred specialty(s)

Ok, broadly speaking you should now have a picture that tells you where your holes are likely to be.

I haven’t talked sales, CPD and SOA’s for a reason. You’re still here, so you must be able to sell something, CPD doesn’t apply to RFA’s yet, and SOA’s aren’t technically required for RFA’s, and they’ll get tidied up with the systems you use, if you haven’t got them already.

So from here, If you don’t have a dealer group, its time to pick one. From your research and the lists you just wrote out, which one(s) suit best?

What I do know is the easiest way to get a tech upgrade into your business is to have a dealer group CRM, as they move to comply with licensing, their systems they provide to their advisers will be upgraded, and you’ll get the advantage of this as it goes.

So keeping this point in mind, who do you need to call? No not Ghostbusters.

However, if you didn’t pick up the phone then, don’t delay this for too long.

-The smart money is on getting the dealer group involved sooner rather than later, as later they will be stretched for time, and you won’t have the patience or inclination to put up with the delays.
-The second reason you join now is as things change you’ll see them come through incrementally and not in one big rush, meaning you have a better chance of absorbing and adjusting to that change as it is in small bites.

As we move closer to licensing you’ll likely start to see compliance people turn up inside dealer groups. Make sure you use them to help you refine what you do, so you can ensure you keep that change happening at a pace you can keep up with, but also in a way that means you only have to adjust things once.

Make use of your BDM’s, both the dealer group and the insurers. The dealer group ones for training your staff on systems and the insurer ones for the insurer process and the insurer's systems. Make it your BDM’s responsibility to ensure your team are up to speed on their systems.

With your insurer BDM’s go back to that list you wrote out and get them in to cover off updating your product accreditation. It’s going to be one thing to have your level 5 sorted; it will be another to prove product competence. Get your accreditation straightened out and sorted and you’ll be another step towards being sorted for the oncoming train.

Level 5, yes at some stage you will need to do it. It’s probably too late to get started for this year, between spring/Christmas rush and changes in the level 5 program coming for the new year, if you’re not in already it’s likely you’ll struggle to get in and get it done before the changes happen. So don’t panic.

Added to that we know the Code Working Group isn’t far off announcing what the education/qualification piece is going to be, so waiting for their answer if you haven’t started yet isn’t necessarily a bad thing.

If you have started your Level 5, then get the damn thing finished. As we have updates coming, if you haven’t got it done, you may well have to redo some things, and it may cost you more too.

So between now and Christmas:
-Get your dealer group sorted
-Get your accreditation sorted
-If you have started level 5, get it finished!

Tags: Jon-Paul Hale