Like many, I often find myself in a reflective mood towards this time of year, and even for an industry that seems to be a permanent victim of the old Chinese curse "may you live in interesting times", this year has certainly given us a great deal to reflect on.
However, rather than a broad brush, I will focus on the RDR. One of the most interesting aspects of the RDR has not been the proposals themselves, but rather the industry reaction to them. Attitudes to fees are one such example, with positions ranging from “fees good, commissions bad” to “keep the status quo”. Whilst some of the best firms in our industry do operate on a fee basis, we might do well to consider the FSA’s remarks in section 7.12 of the Final Notice given to DTWM in 2004. Quality is driven by much more than a pricing model. Claims that small advisers will be driven out of ...
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