Only one in three advice firms ready for RDR

Tuesday 7th August 2012

Only 31% of delegates attending wrap platform Ascentric’s RDR Workshops over the last two weeks said they were ready now for RDR, leaving 55% on target and 14% behind target.
 
A total of 76% felt RDR has had a positive impact on their business, 86% were coping with the changes and 41% believed client relationships had also improved as a result of RDR.
 
The biggest tests from RDR have been agreeing the client proposition (47%), implementing RDR into processes (19%) and defining the investment process (14%).
 
Post RDR, the biggest challenges are expected to be growing the client base (45%), maintaining revenues (35%) and coping with financial markets (20%).
 
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 and 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.”