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Whatever will be will be ……………..
It is five and a half years since the RDR was launched and nine months before implementation. Both providers and distributors are unsure and to some extent unprepared for this. Indeed, the FSA has an implementation team of only four. In a matter of months the FCA will emerge from the FSA’s ashes, yet:
There has been clarification of the issue of trail commission but confusion still exists and providers lack systems to deliver appropriate solutions. A sunset clause, proposed by some in the industry, could inflict mortal wounds on some distributors.
Many advisers have focused time and energy on qualifications whilst ignoring their customer proposition. We can assume from our research that the majority of IFA clients have not yet seen let alone agreed an RDR compliant fee agreement.
On the positive side, the RDR has already resulted in a far greater level of qualification of advisers. It has driven the sector away from its cottage industry roots towards a state where business principles and professionalism prevail.
Who will be the winners, IFAs, up-market restricted wealth managers, consolidators or networks? Perhaps SJP will be the model for tomorrow or is it D2C?
Place your bets!
|©CWC Research 2013|