All advisers have felt the cost of implementing the RDR, but just how much have firms spent? One anonymous Dorset-based adviser gives Laura Miller his eye-watering breakdown.
"I am the only IFA in my practice. When 2012 started, we intended to let the Retail Distribution Review (RDR) pass without gaining the required qualification. "My trail income is approximately £20,000 per annum, but that is commission and, over time, may dwindle as clients either choose to go or make changes to what they have. "However, during 2012, because we have lots of clients with small investments – under £10,000 – and some pension clients who always want some advice, I thought that it would be daft, after 30 years serving these people, just to bow out due to an exam or two. ...
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