Regulatory documents

Question 1

What are the 5 documents you need to go through and in which order?

Answer 1

1. Business card
2. Service charter
3. Future with SJP
4. SCDD & Comprehensive wheel of solutions together

Question 2

Business card - to cover off

Answer 2

• Give them a copy of the business card
• “My name is Leo Fricker and I am an appointed representative of St. James’s Place which is authorised and regulated by the Financial conduct authority”
• Ask if they have heard of the FCA?
• Go through contact details
• Will get back to them within 24 hours

Question 3

Service Charter - to cover off

Answer 3

Introduce: First of all I’d like you to understand what you can expect from me if you wish to become a client. This document, My service charter, outlines my services to you, and what I offer.

• Explain role as having three parts: Life Planning, Financial Planning, and Financial Advice
• Describe that you work by creating a lasting working relationship.
• touch on SJP guarantee?

Question 4

Future with SJP - to cover off

Answer 4

Introduce positively

• Produced by SJP and outlines 10 key points that they believe every client should know about them. It covers facts and figures, as well as the company ethos, client reviews, and more.
• Have you heard much about SJP?
• Is there anything in particular you’d like to know?
• Go through a max of 3 points

Use: Point 1 (Size & Scale - confidence) Point 3 (Ethics & charity), and point 7 (investment management approach - to frame restricted advice positively, gives advisers more time to help clients)

Question 5

SCDD - to cover off

Answer 5

• Give copy and explain important document to keep a copy of
• A regulatory requirement to go through the document not only that but it’s really useful to understand exactly what you can expect…
• “We offer restricted advice on St. james’s Place products and those from a trusted panel of third party providers in the areas of protection, investments, and pensions.
• What do you know about restricted advice - use Comp wheel of solutions to demostrate
• Go through charges, giving examples for inital lump sums, regulars, OAF, and how OAF continues to be levied on the product
• Tell that personalised illustration will break down exactly what they will pay.
• Complaints and Financial Ombudsman
• FSCS
• SJP Guarantee
• GDPR

Question 6

Comprehensive wheel of solutions - to cover off

Answer 6

• Talk through the wheel - core highlights the areas in which we can help, outside ring shows potential products that provide a solution.
• Touch on range of fund managers and how they are regularly reviewed - offering confidence that the client is getting the best service and outcomes possible, best of breed, due diligence, gives more time to go out and see and help clients.
• Turn over, show wide range of providers - ask if they have heard of any - they have been vetted (due diligence) to ensure they offer the best service and products, and reiterate that restricted advice does not mean a lack of choice.