Gary Thomson, AXA Wealth's head of specialist services, considers the accelerating ‘noise' around RDR that advisers are facing and how a back to basics approach can help them find peace.
'What we're seeing in the market at the moment is something akin to ‘launch fever' as the RDR deadline approaches. The volume and breadth of noise is really accelerating around adviser charging, VAT, cash rebates, independence, D2C offers, asset consolidation opportunities and whole range of other subjects.
Amidst all this noise it's really easy for advisers to get distracted and drawn into what is really operational detail. This ‘attraction to action' must be resisted at all costs.
I'd really encourage advisers to find a quiet space and get back to basics. Who are my clients and what do they value?
That seems like a really simple question but the answer should be the foundation on which every decision about the business model is made, as the next question then is: ‘What is the most efficient and profitable way of me delivering that value?' Only then do you have some clear guiding principles on which to navigate your way through all of this noise.
Every time you consider the solutions available to you in the market the questions must be: How does this help me to deliver value to my clients? Does it enable me to deliver that value in an efficient way, and, of course, how can the provider help support me in achieving this objective?'
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