The Association of Investment Companies (AIC) has devised a seven-step guide for advisers to help them prepare for the retail distribution review (RDR).
With 11 months until implementation, the AIC's guide is intended to provide those advisers busy servicing clients and organising their businesses with a roadmap to RDR-readiness.
The AIC's seven steps:
1. Decide exactly what service you are offering to clients.
2. Decide who will buy your service at the price asked.
3. Decide how you will deliver that service - get a properly structured process.
4. Have a defined investment philosophy - ensure everyone in your firm agrees, make it jargon-free and make it available to potential and existing clients.
5. Assess your existing knowledge within the firm and then establish individual plans to benchmark existing knowledge and identify gaps.
6. Get organised with regard to submitting your statement of professional standing (SPS).
7. If you haven't done all of this already, then start now!
"Many advisers will be juggling client servicing with trying to organise their businesses at this busy time of the year," said AIC training manager Jacqueline Lockie.
"It is quite easy to overlook one or more issues on the ‘to do' list, or dismiss them as just about done, when proper time has not been devoted to thinking things through.
"In eleven months there won't be any time left so now is the time to act in a coherent and positive way to what's on the horizon."
The AIC, which has been approved as an accredited training provider by the Chartered Institute of Securities and Investment, has been running free online training for advisers since October 2011.
The next live online training session, looking at venture capital trusts, is on 26 January 2012 at 2pm. To register click here
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