Beware of RDR experts warning

Self-proclaimed experts on the Retail Distribution Review may be no such thing, it has been claimed – or they may have ulterior motives.

Succession Advisory Services ehief executive Simon Chamberlain said such consultants would give the industry a bad name.

He called for IFAs to interrogate the credentials of anyone claiming to be RDR experts.

He said: “RDR is the single most important thing that will ever happen in our industry – a major leap forward in establishing financial services as a profession. It is essential that firms tackle the challenge appropriately, because with just 18 months to go, there is no time for a second chance.

“Having made the decision to remain in the industry, firms may be looking for a fast-track approach to RDR compliance. But there are no short cuts and it would be damaging to the industry if firms attempted a Gok Wan-style makeover instead of a full transition.”

He said that the financial services industry should be particularly careful of seminars and roadshows promising enlightenment.

He warned: “The strategic input might be sound, but without a structured route map and ongoing support and expertise, the re-engineering of your business could fail at implementation stage. Creating a client-centric proposition is not something that can be achieved by sending a delegate to a conference.
 
“Firms need to appreciate that the free advice and support from life offices and technology providers comes at a cost.

“Canny firms will recognise that providers are using RDR either to introduce their platform proposition or to access your client data.”