Whether you are a wealth manager, financial adviser, planner or banking firm, Model Office is a concept that uses ongoing market and compliance-driven research to benchmark your working environment against 5 keys that demonstrate sustainable and professional best practice.
This diagnostic test is the first stage in a process of strategic professional development, which aims to gain a fuller understanding of where the firm is ‘at’ in relation to the key business, people, digital and regulatory development issues.
Engage Insight will update MO's diagnostic platform quarterly so that your business can keep track of new regulatory directives, relevant final guidance and discussion papers and our industry best practice research benchmarks
Your FocusStrategy, governance, key financial ratios and managing risk
How well you are leading the business through key business functions, individual, systemic and cyber-risks and regulatory directives?
Your EngagementClient and stakeholder engagement
How has your brand’s presence, marketing plan and documentation supported the client journey, embraced digital design and involved key stakeholders?
Your PromiseClient service proposition
Is your proposition robust in assessing investment service and product suitability and appropriateness, and identifying and incorporating new technologies, which are all crucial in meeting UK/EU regulatory and ongoing client needs?
Your SystemsOperations and service support
Have you streamlined back, middle and front office administration tasks and Client Relationship Management (CRM) activities to interlink, control and share high quality data information?
Your PeopleHuman Resource Development
How well have you focused on the level of staff and employee engagement, incorporated social enterprise technology and ensured you have the right people in the right place with the right skills, all of which are crucial to business success and building client loyalty and trust?
The results can be used constructively as a means of establishing a collaborative culture for improving business and people performance, increasing client engagement, along with improved Management Information, corporate governance and due diligence thus achieving better business and compliance outcomes and potentially helping with financial challenges such as Professional Indemnity Insurance.
Analysing the Results
- The output of the Diagnostic questionnaire will provide a high-level strategic benchmark plan which you can analyse
- The main output will be a colour coded rated strategic plan along with a radar chart and key areas for focus and development
- Action plan structures with resources and key areas for focus will be provided
- Ideas to improve your scores to nudge your professional service development journey in the right direction are included
Taking the diagnostic test
Expressing your opinion
- Each key will have a list of positive statements on core practice strategy based on the firm’s past and current practice
- Questions will be a mix of Likert scale 1–5 and will be qualitative in nature and Yes/No based to ensure the diagnostic is relevant to your firm
- We will ask some quantitative questions based on key facts such as when you plan to implement required actions, fee charging rates, the number of active clients and key financial ratios (profitability/turnover/expenses)
- The results will be meaningful if honest and realistic answers are provided, so go on, be realistic with yourself but enjoy taking the test