Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a389448
Bentham makes franchise plans for 1st Chartered
by William Robins on Mar 24, 2010 at 08:00
The managing director of Chorley-based 1st Chartered, Sylvia Bentham, is planning to turn the business into a franchise, targeting advisers who are not yet compliant with the retail distribution review (RDR).
Bentham (pictured) wants to sell her brand to IFAs who do not have compliant fee structures or adequately developed back office or treating customers fairly systems.
‘Like McDonalds, every business in the 1st Chartered group would deliver the same experience for clients using the same underlying systems. They would keep their name but deliver the 1st Chartered brand of advice,’ she said.
The franchise would target advisers who are sitting their exams but cannot develop their business in time for the 2012 RDR deadline or who would like to pass on their clients prior to the deadline.
Advisers would pay to transfer Bentham’s systems to their business but she said it was not a back office solution. ‘Advisers would come with a client bank. In return we would guide them and coach them through the RDR process,’ she said.
Markets
News sponsored by:
Today's top headlines
- Ofqual criticises CII level four diploma over gaps and easy questions
- FSA: Platforms can't reward IFAs for assets after RDR
- SimplyBiz's Ken Davy to launch restricted national
- FSA warns over advisers failing to consider cost of fund switches
- Concept hopes to fill client knowledge gap with ISA handbook
2 comments so far. Why not have your say?
Tim Page
Mar 24, 2010 at 08:28
Another E-Myth devotee?
That's good for the profesionalism of business management in our sector (and good for Mr Gerber).
But why has Sylvia fallen into the trap of using the McDonalds analogy?
I know very few advisers who want to have a consistently-bland fast-food style business and still fewer clients who want a consistently bland fast-food style financial planning service.
I know I'm deliberately missing the point. But that's what McDonalds means to me. When I see the golden arches, the last thing I think is "Mmm great business processes!"
This McDonalds cliche is doing us all a dis-service and distracts readers away from the truth:-
That good business processes are essential for any consistently great service.
Sorry Sylvia, this particular rant has been brewing for a few years. I'm sure you have a great proposition. But if you are going to heard cats (sorry, consolidate old model advisers into an RDR-ready business) you need use analogies that will appeal to your targets. I would suggest that McDonald is not it.
report thisSylvia Bentham
Mar 24, 2010 at 12:22
Thanks Tim,
I have no argument with anything you have said, bland fast food should not be compared to financial planning.
However, you are agreeing with me really - the comparison which you identified immediately was not the "food" but rather the systems, the processes, the "brand" and the consistent delivery of service to the client.
If you could recognise it immediately, why wouldn't other professional advisers?
There are of course many analogies that would fit,---mercedes cars are known for their quality and service and would possibly fit with the image of Financial Planning, but the dealers often adopt their own branding such as "Ciceley" or "Stratstone".
The issue that you quite rightly recognised though is the E-Myth principle of consistent delivery of service and with the pressures of acheiving the required qualifications within the timescales, I am sure that many quality advisers would appreciate some help with their service proposition.
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.