Articles - Advisers have a mixed response to RDR


 Only 31 per cent of delegates attending wrap platform Ascentric's RDR Workshops over the last two weeks said they were ready now for RDR, leaving 55 per cent on target and 14 per cent behind target.
 76 per cent felt RDR has had a positive impact on their business, 86 per cent were coping with the changes and 41 per cent believed client relationships had also improved as a result of RDR.

 The biggest tests from RDR have been agreeing the client proposition (47 per cent), implementing RDR into processes (19 per cent), and defining the investment process (14 per cent).

 And post RDR, the biggest challenges are expected to be growing the client base (45 per cent), maintaining revenues (35 per cent), and coping with financial markets (20 per cent).

 The RDR Workshops held in Bath, Birmingham and London were aimed at advisers, managers and compliance staff involved with planning or implementing RDR strategy.

 Mike Morrow, Ascentric's Sales & Marketing Director said, "It was interesting to see that the three key barriers to implementing RDR were the considerable time and work it is taking to implement the necessary changes, delays from the FSA in clarifying a number of issues, and changing clients perceptions on adviser remuneration. The key message is that this hasn't been an easy process for adviser firms.

 "As the majority of delegates were from firms using the Ascentric platform and only 32% said they are ready now for RDR what does that mean for the less enlightened firms who do not have similar access and support?"

 Nick Bamford, Executive Director at Informed Choice commented, "The positive attitude of the advisers who attended the Ascentric workshops was really great to witness. There is no doubt that forward thinking advisers with a positive approach to change management are going to reap the benefits of future client relationships. Having a valuable and valued client proposition is going to be a common attribute of the successful intermediary firm of the future."
  

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