The Association of IFAs (AIFA) plans to launch an online academy for firms to help them meet the demands of the Retail Distribution Review (RDR).
The Academy, which will be financed by Skandia, will be supported by a series of live events across the country and will help firms assess what is required of them to meet the challenges of the RDR, AIFA says.
Chris Cummings, AIFA director general, says its members believe the current proposals are too vague to help them prepare their businesses for the future.
"While the consultation paper is expected in June, and the final RDR deadline is not until 2012, too much uncertainty clouds good business decision making," he says.
"To answer these problems, AIFA is creating an online academy which will help IFA firms benchmark their current position against the RDR's requirements and plot a sensible course to be successful over the coming years.
"This is an ambitious and exciting project and we are very grateful for Skandia's support in delivering it to members."
Meanwhile, Skandia chief development officer, Peter Mann, says there is no doubt the RDR will necessitate advisers to make changes to their business models, however he says with so much uncertainty around the current proposals it may be difficult for them to know where to begin.
"Advisers need a single, influential body to represent them during the consultation and provide support to help them adapt their businesses and prosper post RDR. AIFA is the organisation to do this and we are delighted to be supporting these practical roadshows and the new on-line academy."
AIFA plans to appoint organisations to conduct the market analysis needed to create the online system, full details are available at: http://www.aifa.net/news/InvitationtoTender-BusinessTransitionProject.pdf
Closing date for applications is 1pm on 6 April
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