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Special Report

RDR Software - June 2012

Published by Financial Adviser | Jun 27, 2012

The RDR is set to change dramatically the way many advisers run their business, whether it be working out how to calculate their remuneration, or look after their client bank.

Technology is becoming a central part of this, as it can help manage client data centrally and efficiently. Software can help financial advisers manage their data efficiently and practically, and centralise all their client information in a standardised format.

Collecting and managing client information, such as what has been charged and communicated to them, will all help an adviser manage his client bank effectively, and contribute to the service they are able to give to their client. It will also help them save time, which is more precious now that advisers are being paid by customer agreed remuneration, rather than commission.

Segmenting the client bank is also important. This will break down how much time and resources can be allocated to each client, based not just on the value of funds under advice, but also how much the service to the client will cost. There are plenty of tools available for clients to be able to segment their clients and work out how much to spend with each.

The financial services industry is geared up to providing financial advisers find their way through the RDR quagmire, and many tools exist that will help them get RDR-ready. The following pages give an outline of what advisers need to do and what kind of software is available.

Melanie Tringham is features editor of Financial Adviser

IN THIS REPORT
  1. Controlling data

    Firms that ensure proper input of client data through reliable databases will reap the benefits immediately

  2. Software update

    By making the most of back office systems the adjustment to RDR can become much more straightforward

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