Maria Merricks finds out what last minute resources are available to help get you RDR-ready in the six months before the final deadline.
The majority of advisers assessing their RDR-ready checklists will be pleased to see many boxes ticked by now. For those looking to continue advising post-January the revision will be done and the exams taken; many will have also spent time looking at their business propositions and fine-tuning their offerings to meet adviser charging obligations.
This is certainly the positive sort of feedback IFP chief executive, Nick Cann, has been hearing – in public at least. In more private conversations with advisers and firms, he says, there is a level of recognition that there is still quite a lot to do.
Indeed, there is much more to RDR-readiness than simply satisfying the regulatory requirements. Advisers must bear in mind that preparations need to be geared not just towards the deadline but far beyond. For Cann, this transition phase will be the most difficult.
What last-minute resources are there available to get firms RDR-ready?
“Businesses have looked at qualifications, they’ve looked at understanding their client propositions and they’ve looked at what they are doing with platforms and investments. However, there are many that will not have looked at the training and support advisers will need to be ready for the challenges ahead,” he says.
“The reality is that, at the beginning of next year, advisers will have to start talking to clients about value and cost of advice. From our experience of working with IFP members over the last few years, it takes a lot of practice and confidence in your ability to be able to communicate that. Do advisers have the skills to deliver if that is what is expected?”
Assisting in this transition phase is a central theme throughout the last minute RDR help offered by professional bodies and networks.
The value element is also essential and, as such, gap-fill assistance is dominant too. Here is Professional Adviser’s round-up of what help is at hand…
Last minute help…
Institute of Financial Planning (IFP)
In addition to its annual conference and branch meetings the IFP is offering the following:
- Fast track gap-fill programme – An intensive two day course to assist, in particular, CFP professionals with any outstanding gaps.
- ‘Gap-Fill News’ – A monthly update for members on all relevant gap-fill issues alongside updates on business and transition related matters.
- Integrated Financial Planning programme – A two day course designed to help advisers see what is required to deliver a financial planning service clients will pay for. The programme is for advisers who have reached level 4 and are looking for the most relevant and beneficial next step to help them in their business. It is currently aimed at medium to larger firms, with plans to roll out to all advisers in 2013.
This article continues....
Havensrock Thrive App
Don’t ‘leave it all on the pitch’
21 firms in total
PA360 2019 conference
Latest news and analysis