After a lot of wasted time talking about exams and regulation there is finally an "acceptance of reality" by advisers regarding the Retail Distribution Review (RDR), Nick Cann has said.
Speaking during webinar, The hard work begins now - Delivering the advice proposition in 2013 and beyond, Cann, president of the Institute of Financial Planning (IFP), outlined his projected priorities for advisers post-RDR.
Cann said: "Advisers will either see themselves as on the edge of an abyss or presented with a strong opportunity. Either way there is finally an acceptance of reality.
"Advisers have started experimenting with their fees structure and proposition. They are working out their philosophy on investment, and defining the roles within an organisation. Another essential consideration right now will be around partnership and outsourcing."
The IFA Centre's Gil Cardy and Standard Life's Neil Denton were also on the panel.
Cardy picked up the outsourcing theme with her presentation. She said it was essential that advisers take a brutally honest look at their own strengths and weaknesses.
"You should outsource wherever you are weakest," she said.
Internal areas of outsourcing would include back office, cash flow modelling, product research, risk profiling and asset allocation, paraplanning and compliance. Externally advisers might look for help with mortgages and protection, as well as with solicitors and tax technicians, for example.
"Effective outsourcing in these areas will help create quicker, better and cheaper financial planning services," she added.
Denton, regional manager at Standard Life, said the industry was at a major crossroads.
He added: "There are massive opportunities. With a likely 20,000 advisers in 2014 offering advice to between 100 and 150 clients each, only 2-3 million people will be serviced. Between 13 million and 14 million will be disenfranchised and looking for financial services of some sort.
"In addition, there is the changing behaviour of clients, 35% say they will use a variety of channels for financial advice compared with 21% in 2005. The landscape is changing, and this combined with the millions looking for advice presents big opportunities to advisers.
Speaking at PA360 North
Speaking at PA360 North
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