In an extract from their book 'Get the Adviser Advantage: How to Survive and Thrive in the New World of Retail Financial Services', Nick Bamford and Martin Bamford explain that while advice and products are currently packaged for remuneration purposes, advisers need to unbundle this model to be RDR-ready.
Complexity is off putting to many people. In the main, people are drawn to simplicity and respond positively to it. This is very true when it comes down to the complexities of finding suitable financial planning advice. Clients find an unbundled approach attractive. Yet as an industry we seem to have made an art form out of bundling. Let me provide you with an example and one that I believe needs to change in a firm that wants to become RDR-ready. Independent financial advice is a classic bundled service. Advice is bundled up with product and product is bundled up with remuneration. This...
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