A well regarded self-licensed business wanted to know where their gaps were so they could make incremental improvements. With a Tangelo AFSL Gap Assessment and Action plan, they got motivated to transform their business.

The challenge

Our client is a well-established licensee that has been in business for over 30 years . Operating via multiple advisers and a highly talented and high performing back-office team, they provide quality advice to over 1500 clients.  

What we did

We performed a Gap Analysis, working through the AFSL to assess their People and Resourcing, Licensee Process, Governance, and Policies. Our team visited the client’s office and spent time building relationships and engagement with key stakeholders and staff to ensure everyone could feel confident that their voice and experience would be heard.  

Looking across the whole business through an independent lens we identified that some of their cultural problems, were also the contributing factor to their problems with their processes. 

 Staff felt like they were lacking strategic direction, their roles were not clearly defined and there was confusion around responsibilities and ownership between functions being undertaken by staff and advisers which had an impact on the effectiveness of their advice process. 

 This all meant implementation and advice delivery was ineffective and inconsistent which was impacting client interactions.  

The outcome

We presented a comprehensive Action Plan to the leadership team prioritising culture and process. 

We recommended that the leadership team work with the entire organisation to regroup and discuss the culture they wished to nurture collectively, and define their advice philosophy for a level of consistency in approach. 

We also recommended the business start to develop business operational guides that set out “what” and “why”, to ensure everyone follows the same process and can understand where in the advice process they are involved and why what they do matters. This resource would include videos and interactive training components, creating an educational tool for both existing staff and new staff. 

Our client has been energised by our findings and has started their cultural and process transformation. We will continue to work with them to develop their process and ‘operationalise compliance’ and help them embed change into their business.