Neil Liversidge is putting his head above the parapet on client segmentation. Here he explains why his firm doesn't place clients into FCA-mandated 'pigeonholes' despite being told that's exactly what advisers need to do...
Have you categorised your clients? A few years ago we were told that the Financial Conduct Authority (FCA) was keen that firms should categorise clients, using labels such as ‘young accumulators' and ‘retired decumulators' as part of its 'PROD' rules. This was pushed heavily at various industry seminars by ex-FCA luminaries such as Rory Percival. We always take heed of our regulator's strictures, so we gave the idea some serious thought. We filled several recycling bags with ideas as to how we should do it. Whatever categories we came up with, we found that we had a multitude of ot...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
