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UnCANNed – Nick’s Pick of the News

UnCANNed is a regular but light-hearted feature brought to you from Nick Cann, CEO, at the IFP. Well known for his forthright views and straight talking, UnCANNed is Nick’s new weekly update bringing you his thoughts on a topical Financial Planning issue in true Nick Cann style.

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Blog #73 - The sun will come out tomorrow - 09/07/2010

Last week, I mentioned the challenges that my daughter Rebecca faced ahead with various performances and speech requirements. This week, I am able to reflect with absolute pride at the quality and confidence in the delivery and the results. She has with aplomb waltzed through Sandy in Grease, sung love song by Taylor Swift (she won’t let me put it on Youtube) to 300 people, done her head girl’s speech to the same audience and then gone on to do 3 outstanding performances as Annie in you guessed it, Annie. It will be a week that I am sure will not only stay with her forever but hopefully prepare her for some of the challenges ahead. My perceptive mother has suggested that she might be a lawyer but I hope that she aspires a bit higher than that!

I hadn’t actually seen Annie before because I am not into American stuff particularly but I was taken with the positive story theme and the half full approach that a child (or indeed a fresh perspective) can bring to a situation. There is certainly a potential for a two tier approach to the latest CP 10/14 from the FSA with the accredited body approach. All investment advisers will either be able to pay a compliance club or see the positive environment of a professional body like the IFP. Bit of a no brainer for me but then again I tend to view the world through a glass that is more than half full.

You will be pleased or more likely surprised or bored to note that my glass still remains without alcohol.  I continue to lose weight at an ounce a week so that I am at the lowest weight for a few years and that exercise (mainly tennis) and the occasional trip to the gym continues. I can now run for about half an hour but that takes me quite a long way from home which is a bit of a chore. I do of course have more time in my day now that I can get up at 5.30 in the morning to take Jemma to her new job which means that after holidays I might get round to trying Andrew Duncan’s coaching programme “Best Year Yet” which really interests me.

Great feedback from AXA about the CFP^CM certification focused assessment programme that they have gone through. They really liked the approach and the challenge. It also showed them the relevance of the job that Financial Planners are being asked to do and how the actual test relates to that job which is great. AXA have also been doing some excellent training on Financial Planning working through a case study and we are now looking at a 2 day programme to develop this further which is exciting. Synthesis is one of the big challenges for advisers and this approach will really help with this.

We were also able to see the power of social media this week. New Model Adviser commented on the FSA’s consultation paper and the article suggested that Fay Goddard was surprised to see the CFP^CM certification on the FSA’s list. For people still unclear on the dangers and benefits of social media they ought to look at this case study. The facts of the matter are that it is on the list, should be on the list and is a test of both knowledge and application. However I didn’t need to say anything because the market spoke and informed! The IFP is very much ready for the challenges ahead and there will inevitably be competition for the CII to consider going forward.

Some great news on the IFP Conference this week with Charley Ellis being confirmed as an additional key note speaker to the event. Charley Ellis is one of the leading thinkers in investment management and is a retired Managing Partner of Greenwich Associates, a global leader in consulting to professional financial service organizations. The author of six books and 70 articles on investment and finance, Charley has taught the graduate school investment courses at both Yale and Harvard and chaired the investment management professionals; international association, AIMR. He is a member of the Board of Directors of the Harvard Business School, an Overseer of the Stern Schools of Business at NYU, and a Trustee of Yale University where he also serves on the investment committee. As main sponsors of the event, Vanguard have arranged for Charley to be with us which makes for a very exciting session given the reviews that I have heard from people who have heard him speak before.

Well I am on holiday in France from tomorrow. The blackberry has been put in a box and the lovely world of Financial Planning and the exciting world of the Professional/Accredited body will be forgotten for two weeks. I shall be practising my French and catching up on sleep and reading (plus other things that I shan’t necessarily be sharing) and one thing that is for sure – “The sun will definitely come out tomorrow”. See you in a couple of weeks when I hopefully won’t have put on too much weight from stuffing croissants and baguettes.

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