The Retail Distribution Review (RDR) is benefiting adviser businesses in both, profitability and the value of their advice, provider Aegon has claimed.
Aegon business consultancy manager John Joe McGinley said changes to the industry following the RDR were starting to show its benefits to adviser businesses and their clients in a number of ways.
He wrote in a blog post recently: "Yes RDR is not perfect, and we may see changes over the next few months. But apart from vision, segmentation, clear propositions and a focus on profit, have you ever thought what has RDR ever done for us?
"Many businesses are now standing back and have a clarity of thought around the future direction of their business", he said.
He said that more and more businesses have started to understand their clients better and have weeded out unprofitable clients while concentrating on those that bring in profit and best fit the products available.
This has also allowed advisers to "develop a proposition based on the needs of their clients" and "create a vision based on fact, not gut feeling", he said.
The introduction of fees, McGinley claimed, has allowed advisers to highlight the value of their advice as opposed to making customers believe they worked for free.
"As a profession we must now start talking about the experience, empathy, expertise and solutions we can provide. Clients must be aware that these are valuable commodities that have a deserved cost attached to them.
"The value advisory businesses add must be sold and more and more are using innovative and impactful ways in which to do this."
McGinley also credited the RDR as being "a catalyst for platform adoption", which, he wrote, allowed business models to streamline, "saving time and money while maximising the client experience".
The Financial Conduct Authority (FCA)'s first insights into how businesses are coping post-RDR, which is due to be published in mid-July, has been attracting increasingly vocal opinions from across the industry.
Yesterday it was suggested by Ernst & Young that clients still didn't understand what they were being charged for by their advisers.
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