RDR named 'most significant' global advice change

Analysts for the Aite Group cited the move to a "fee-for-service" model in the UK in January and a comparable shift due to take place in Australia from July as huge developments for the sector. "Commissions and inducements from product providers [have been] banned, and advisers can only charge clients an ongoing fee if they provide an ongoing service," writes Aite analyst Sophie Schmitt. The report suggested wealth management firms in the UK and Australia would concentrate technology and services spending on tools to automate and track service. It added that, in the US, the propose...