PIMS 2011: Commission to fees in three steps

Rennison gave PIMS 2011 delegates a stark warning: “In reality there is just a year to your RDR deadline, as it will take six months for advice firms to test out and bed in the new processes from providers.” But it's not too late to make the change. Here is his step-by-step guide to a strategic switch from a commission model to a fee-charging firm. Stage 1) Transitioning the firm Develop a strategic business plan for each adviser. Make an exit plan, even if it is for 30 years hence. You need to know where your business is going to its final point. Don't copy what others do, ba...