Monica is pleased with her new challenge working with Paul Price again. She worked with him a few years ago when she was an adviser and he was her supervisor. He respected her drive, enthusiasm and structured approach to work and she respected his management style. Monica feels she learnt a lot from working with him. Paul has invested wisely over the years and now has the capital to set up a small IFA firm. Monica was the obvious choice to work for him and he is delighted she has accepted the position.

This is a challenge that will really stretch Monica but she is very excited by the opportunity. They will employ six advisers initially who will report directly to Monica.

Monica is tasked with designing the systems and procedures that the business will work to. She fully appreciates the need for good systems and knows a good training and competence scheme is essential. Monica has heard about the ISO22222 quality standards and feels that if procedures are set up correctly from the outset, accreditation will be easier to achieve and Paul agrees.

Monica wants to ensure that the induction program covers basics such as Data Protection, Complaints & Financial crime in order to ensure the advisory staff understand key elements to the legalities that apply to their work.

Good recruitment methods will ensure they recruit the right people and Monica needs to think about this as well. In addition to using KPI information, Monica wants to use the balanced scorecard to monitor individual and organisational performance.

Monica sets to work designing policies and procedures that will help to make the business a success.