Power Podcast – Episode 7 – Duncan Parkes

Rob Schwarz and Scott Millar are joined by Duncan Parkes, Compliance Director at Old Mill accountants, financial planning and tax experts. Don’t for one minute think compliance is boring.

PFS Power · PFS Power Podcast – Episode 7 – Duncan Parkes

Rob & Scott’s Show Notes

Duncan is a very interesting guy and it was super interesting to understand more about his role as Compliance Director and how he wants to bridge the gap and alleviate the tension that sometimes emerges between Financial Planner and Compliance, and how he’s trying to combat that with some new initiatives. Duncan doesn’t want the needs of compliance to be a barrier to doing business with clients. Always good!

Duncan mentioned a Red, Amber, Green system that they’ve got in place at the firm. One that we’ll probably look to implement where you have all the areas of advice and tick them off as you go so that you can constantly refer back to it to try and get everything to green. So, it presents opportunity for the adviser to deliver good advice and from a compliance perspective, makes sure that nothing’s been missed.

It’s a good way of creating some urgency for a client, in order to take advice as well, rather than always thinking, we’re just doing this for the sake of doing it, there’s actually a rationale behind it and a reason behind it. So, compliance is used to enhance client service as well.

Having a compliance director that is willing to listen and put the client first is extremely beneficial. It’s also interesting that Duncan has two clients himself so that he can test his ideas. That’s good. That’s quite cool.

Duncan has a POWER Webinar coming up, so you can watch what he’s done to streamline as much as possible, so advisers can focus on making what is often intangible in the world of Financial Planning, tangible.