A few months ago, on the last day of the Comprehensive Financial Plan workshop, our trainer Sadique Neelgund of FP Network laid out almost 77 marketing tips & strategies. While they were all high quality tips on how to improve our business, acquire clients and build better relationship with clients, one struck me particularly hard and I decided to execute it right away.
This was about getting an ISO certification for my firm "Dilzer Consultants".
So, I started googling and stumbled upon OSS certification company. After the initial interaction, I was told to keep the following documents ready:
§ Registration Certificate and Organization road map
§ Organization chart and process flow chart
§ Responsibility and authority of concerned departments
§ Legal requirements, as applicable
§ Establishment and Incorporation certificate (we had almost misplaced the original!)
The fee was divided as stage 1 audit (basically to check if your firm can be audited) and stage 2 (which involves review and evaluation of management systems documents and would comprise of onsite audit). There would be two annual follow ups 12 and 24 months from the date of certification and the renewal would be based on procedures and practices laid down and followed. Thereafter, the ISO Certification would be valid for 3 years, subject to annual review every year for 2 years.
The date was fixed and I was very excited.
On the arrival of the auditor, we were asked for the above documents and to my surprise, a host of other documents which we were not told of earlier.
The following additional documents were requested from the ISO person for the onsite audit.
§ List of client names
§ Process followed on initial client acquisition with the details of mails communicated and follow up.
§ Sample Financial Plan.
§ Sample Account statement.
§ Financial Plan construction process
§ Categories / Types of clients.
§ Services provided to our clients.
§ Service Execution process and delivery for AUM clients.
§ Services execution and delivery for NRI clients.
§ Financial Plan review and coverage and why review is so important.
§ Investment execution process
§ Newsletters
§ Asset Allocation
§ Feedbacks and Feedback Form
§ HR and in house development
§ Job Responsibilities and Duties
§ Staff questionnaire, performance review and monitoring the same.
Luckily for us, we follow a very detailed process driven action plan for our clients. Right from the Initial Welcome letter to ongoing service details, we have outlined the process and follow it for every client. This ensures standardization of delivery and process, which is the basis of an ISO certified company.
This method has helped our organization streamline the requirements to meet client expectations and show them we follow a well defined process in their interest.
Interestingly, the date we got the certification, 26 July 2012 marked the 11th anniversary of commencing my financial advisory business. It was a pleasant and god given coincidence!
Dilshad Billimoria CFP of Dilzer Consultants: An ISO certified company.
