RDR Update - May 2012
But there is still a lot of uncertainty, not least whether advisers know whether to go independent or restricted.
There is a lot of debate as to whether financial advisers will lose their edge if they drop their independence title, and questions arise over how difficult it will be for advisers to keep that tag.
Some would argue that it is not that difficult, and that it is something worth fighting for, but it is not helped by the FSA moving the goalposts with alarming frequency. For some advisers, getting ready for the RDR has been relatively easy, especially if they already gained level four qualifications and made the move to a fee-based business some time ago. For others, it is a challenge - some are wondering whether it is worth their while to gain additional qualifications if they were planning to retire in a few years time. Yet the evidence suggests there will not be the widespread selling-up of businesses predicted.
For those that are staying, the RDR is becoming more real, and advisers’ minds are becoming focused on getting to the point when they can get their statement of professional standing so to be ready for the RDR next year.
IN THIS REPORT
ADVERTORIAL: Prudential’s Russell Warwick speaks to Financial Adviser about the models advisers are likely to adopt as the retail distribution...
ADVERTORIAL: Financial advisers need a solution in place when it comes to the management of cash and that’s where Cater Allen can help.
The supervisory approach to RDR implementation looks to be robust and advisers must make sure that everything is in place as soon as possible
The choice of independent or restricted model still troubles many advisers who must realise that achieving the former does not present as many...
The RDR has long signalled the need for a substantial reconstruction of IFAs’ business model and many of those who thought it would be an easy...