A wide ranging survey of more than three hundred wealth managers and advisers suggests the industry is being forced to re-examine its value proposition in light of the implementation of the Retail Distribution Review (RDR).
The research, commissioned by Pershing, a BNY Mellon company, suggests a lack of confidence in the existing business model, with 39% of advisers feeling the primary value delivered by the firm to clients was through the personal relationship they offer, while only 17% felt their knowledge and qualifications was of greatest value. Managing existing client relationships was deemed to be critically important to firms' futures among 46% of those surveyed. Despite recognition of the importance of providing tailored value to clients, two thirds of respondents did not feel that wealth manage...
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