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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 #59 Easter Holidays - 06/04/2010

I decided to leave the blog until after the weekend rather than burden you with more reading on the last day of the tax year or more importantly the last day before the Easter holidays. Once again this is another religious festival which allows us to gorge ourselves until virtually sick and on this occasion chocolate. None of this is very helpful for those trying to lose weight but luckily the size of egg that I was given was unlikely to allow me to stray too far from my regime. I have however achieved the first half of the weight goal for the year which has been painfully slow but my bones now weigh so much more than they did at the beginning of the year and all the exercise must have meant that my muscles (some have re-emerged after a few decades of hibernation) have also added to the weight. Anyway none of this is as impressive as Jo’s sister in law who has managed to lose over 3 stone since the beginning of the year without having chopped off any part of her body!! We might not be able to find her let alone recognise her when we go to Centre Parcs at the end of the week.

Dr Maria Nemeth would be proud of me because I have set out my goals for the year and have broken them down into small steps (admittedly some are so small they can hardly be recognised) so that I can continue to make positive progress! Maria will be at the Art & Science conference 18-19 May and though I say so myself, there is a brilliant 2 days for delegates. Have a look and take advantage of the offers for IFP members, CFP^CM Professional and Fellows of the IFP.

The week leading into Easter was naturally very busy for everybody which is good news. I am always interested however in people’s commitment to getting stuff done.  Some people never have time to do anything which is disappointing. There is always the time to do something it is just a case of whether it becomes a priority to get it done which is important. It is rather like when somebody says that they will try and get something done which again generally means that it is low down on the priority list. Listen to yourself when you use these phrases and then ask yourself whether this is true or not. Positive communication even if it is to convey a negative outcome is so much more refreshing and beneficial.  Sometimes it is better to hear a “no”, stay friends and move on rather than a maybe which wastes time and energy for everybody concerned.

Talking of time, a few people commented on last week’s blog. They didn’t have time to click through to the link on the PFS comment. If you did you will know that if you clicked on the spot where they would take you to a complete list of PFS membership benefits and values, it went straight to “Page not Found”. We can surely offer at least that!

Had a great day in Scotland last week and met with a number of really positive people committed to making a difference. Jenny Raffaelli from Scottish Widows sees the value in Financial Planning and the CFP^CM certification process and wants to ensure that others can benefit. David Ferguson from Nucleus is infectious with his enthusiasm for the sector and his company which is making great headway in a really competitive marketplace. It is also great to have real support for the IFP which extends above sponsorship which is important. It was also good to meet with the team at RBS to get some understanding of their business and how they wish to support Financial Planning.

Good too to catch up with Brett Davidson of FP Advance and look at some of the excellent findings in his “Business Fitness Test”. Data now exists which proves all the anecdotal stuff that we have heard over the years. Properly structured Financial Planning businesses can be very profitable and deliver great outcomes for the client. As the Financial Planning firm initiative develops there will be more on this story to help advisers going through transition. Have a look at Brett’s website (click here to view) to see whether you should go through the test. It is I always think rather like going to a personal trainer. You feel the need to get into shape first before going along!!

On this last point it occurs to me that if we are ever to join up our profession we need to recognise all parts of it. If there is a genuine interest in the consumer being better served and more people gaining access to advice,  then the banks and others, still to enter the market, need to be a part of the story. I attended the Cotswolds IFP Branch meeting on Tuesday and there were some good numbers present to hear Len Warwick CBE, CFP^CM and Janet Walford OBE (Editor of Money Management) talk about the current marketplace and RDR in particular. I hear a lot of people wax lyrical about the “Man from the Pru” but would wonder what compliance and health and safety would make of it if a company did reintroduce this sort of sales team. I am sure that you have seen the black and white comedy cards and this notion would fit ideally into this range!

Well, a week off to look forward to. A couple of days in London (for a change!) and then Centre Parcs for a weekend of exercise and family birthday celebrations. Wife Jo (24), Jemma (16 and a need to celebrate all week) and Mother in Law 70! She is particularly looking forward to a trip down the rapids and then a quick cycle up the board walk! She will want to be doing triathlons or running the London Marathon next!

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