Don't just be product arrangers

It is widely accepted and understood that the RDR requires a step-change move from remuneration by commission to adviser charging. This encourages the promotion of ‘service’ as opposed to ‘sales’, with IFAs reinvigorating their business models and service propositions to emphasise their primary values of specialist knowledge and advice, rather than being the arrangers of products. Indeed, a business strategy focused on the provision of a bespoke client advice service, as opposed to a transaction-led business model, appears to be the one most in line with the RDR’s objectives. However, th...