Newly-formed intermediary giant Sesame Bankhall Group will immediately set about helping its IFAs transition their businesses to be ready to operate an adviser charging model from 1 January 2013.
Ivan Martin, executive chairman of the enlarged group, says the company has identified 13 "work streams" - areas of the business it feels it must address to be RDR-compliant - but says most are on ice until final recommendations are published.
However, as adviser charging is one of the few "mandated" RDR proposals, Martin says the group will assess this area and make the necessary investment immediately.
"It [adviser charging] is one of the only things we know is going to happen after 2012," he says. "Commission as we know it will be banned so we have already started looking at this area."
Proposals to raise the minimum qualification requirements for advisers from QCF Level 3 to Level 4 is another suggestion Martin says will remain unchanged, even though the RDR consultation period does not close until the end of the month.
He estimates 30% of the group's 10,000-strong adviser force have already attained a Level 4 qualification, with another 40% committed to doing so before the 2012 deadline.
One aspect of the RDR that could change is the current proposals for independent, restricted and simplified advice, Martin says.
Although little will change in principle, he argues until final recommendations have been issued the group will not commit.
When it does, Martin says Sesame Bankhall will not attempt to "push" its advisers down one route and speaks of his desire for consumers to see the merged firm as "the proposition that offers choice".
"We will do what we have always done and offer choice," he says. "Assuming the RDR's recommendations don't change too much, we expect some advisers to offer simplified advice, a significant number to offer restricted and a significant number to remain independent"
The Sesame Bankhall deal, signed "near midnight" on 15 October, will see the company operate the largest appointed representative (AR) network, with around 3,000 advisers, and the largest directly-regulated service business, supporting over 1,500 firms.
Ivan Martin, previously Sesame executive chairman, will be the executive chairman of the enlarged group while Sesame's sales and marketing director Stephen Young will be chief operating officer.
Martin says the company will begin assessing all areas of the business, adding job losses may prove inevitable.
"When bringing two businesses together there is bound to be some duplication and that is something we are going to have to look at," he says.
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