Business consultant Steve Billingham says leaving things to the last minute, as so many advisers are wont to do, is a dangerous game with so few weeks left to RDR.
Last Wednesday represented the beginning of yet another tax year and the time when many advisers draw breath following a frantic round of year-end tax planning activity.
Why do so many clients always leave things to the last minute?
Well, the fact is, for many, this type of behaviour is "human nature". For me, the parallel is "Why are so many advisers leaving their RDR preparation to the last minute".
The rush to achieve the QCF Level 4 standard is well underway, but it's apparent that many advisers have still to start to address the need to adapt their business model with any real sense of urgency or commitment.
For others progress is painfully slow and frustrating.
I know that in many quarters (networks, professional bodies, asset managers etc), the same question is being asked.
Anecdotal evidence suggests that many product providers are doing their strategic planning on the assumption that up to 30% of advisers won't make it post RDR and I would not be surprised to see adviser attrition of around 20% when the dust settles in the first half of 2013. Will you be one of them?
I've done a spot of simple math and, from last Wednesday, there were a total of 438 working days to the 31st December 2012 - the deadline for RDR implementation.
That accounts for all public holidays (including this month's Royal Wedding and next year's Queen's Diamond Jubilee) but not for any other holidays.
Assuming you'll take around four weeks holiday this year and next, that brings the total number of available work days down below 400.
"That's ages!" I hear you reassure yourselves. I disagree. The first 66 working days of 2011 (to 5 April) have literally flown by.
That represents about 16.5% of the working days left to the end of 2012. The 31st March was the last day of our first year of trading and whilst it's been a hugely enjoyable and successful 12 months, those 12 months have gone by in a flash.
The end of 2011 will be on us before we know it and that will leave advisers desperately short of time to implement and embed the required changes.
As my dear old Dad used to say... "It's time to get a lick on!" Don't be part of the 20%.
Steve Billingham is owner and director of Steve Billingham Consulting Ltd. Click HERE.
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