BACKGROUND

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

The purpose of the diagnostic is to encourage holistic and strategic thinking, and benchmark the firm’s performance against professional best practice and learn more about your personal view of the firm’s performance in the 5 key areas:

Your Focus

Your Focus

Strategy, 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 Engagement

Your Engagement

Client 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 Promise

Your Promise

Client 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 Systems

Your Systems

Operations 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 People

Your People

Human 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?

compliance. alignment. sustainability

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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
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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

Scoring system

Based on our 5 years of research and analysis of the industry, industry and regulatory papers, in each key we have produced a list of statements considered to be relevant to the business workings in this area. A sliding scale will be used for ease of answering and encompass a negative to positive spectrum.

This scoring system is designed to highlight and address biases that may affect your business decisions and influence your business practice.

Learn how to grow your score

Once you have your results you can learn how to improve your score against our industry benchmark. Our high-level strategic plan will provide insights into strategic action planning and developing a holistic plan to ensure each of the 5 keys calibrate together to ensure your business grows across all 5 areas and meets key stakeholder requirements and expectations, namely your clients and the regulator.

compliance. alignment. sustainability

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