What we do: Building propositions to support a firm's advice process
We take the advice process and create propositions unique to you. Their aim is to answer the ‘why’ and ‘how’ questions, for instance a firm may wish to formalise how they charge, we get it done. Everything leads on from Regulator expectations, so the start point is knowing exactly what the FCA wants, via publications, podcasts and webinars.
If Open Door Policy builds a Charges Proposition, it is not a report with tasks, in reality we work with the firm and actually do it. The end result is the document a firm would use to demonstrate how and what they charge. We build stuff.
In ‘Modules’ a firm decides which areas they wish to formalise. It's common for a firm to purchase the complete package of four modules. Things are ever evolving so a valuable part of the service is ensuring propositions remain fit for purpose and we do that via the annual Update and Reset Service.
Propositions cannot be created without knowing exactly what the Regulator expects, that is the core of everything. Take the Consumer Duty for instance, Open Door Policy digests, understands and simplifies guidance from the Regulator in order to create a solid knowledge bank. Overengineered? Yes, absolutely.
Firms make use of the Open Door Policy guidance papers and other material to give their business an educational foundation. This helps support Regulator expectations as the FCA wish to see a positive and educational culture within firms.
‘Knowledge’ helps do that.
How do we work together? This is true consultancy, the starting point being the client and what they want to achieve, and it makes for a fluid set of sessions. Open Door Policy brings to the table 10 years’ worth of experience with hundreds of consultancies undertaken. This means we know what good looks like. We use project management to ensure completion to agreed timescales and to the highest standards.
Online meetings are the way to go, this saves time and cost, and it is a highly effective way of progressing each session.
After an initial discovery meeting where we will agree how we will move forward, Open Door policy will create a project plan in order to get things done. This will involve a number of consultancy meetings, working our way towards finalised documentation.
The annual Update and Reset Service does exactly that. Once a year we conduct a consultancy session to make any changes from within the firm and to bring propositions up to speed with the ever evolving FCA guidance and the marketplace itself.