RDR guides launched just months before deadline
Advisers bombarded with provider help to get RDR ready – but it could be too late
With just four months to go until the RDR, a number of providers have launched study aids and tools for advisers.
Zurich has produced an RDR study aid, launched on 17 August, offering case studies for those studying for the R06 examination.
BlackRock, meanwhile, has created a ‘transitioning tool’ to assist those moving to a fee-based model in the coming months. And Prudential is offering an online ‘professional development centre’ to help advisers complete gap-fill. But with the deadline approaching rapidly, this latest flurry of activity could be a case of too little, too late.
Tony Stenning, head of UK retail for BlackRock, said the reason for offering such tools now was based on speaking to advisers who were in the process of the transition.
Until this point, advisers have been mainly focused on preparing on a regulatory basis by taking their examinations. Now they are addressing the next point, which focuses on what RDR means for their business, he says.
Prudential’s spokesperson, Neema Patel, said the company has launched the tool more as a long-term aid than just for the lead up to 1 January 2013.
“This isn’t a tool just for gap-fill. As well as adding modules throughout 2012 we will continue to add them into 2013 to meet advisers’ need for structured continued professional development,” she said.
Adrian Lowcock, senior investment adviser for Bestinvest, said although it is the ‘11th hour’ there are still ongoing benefits to these tools.
“We have seen these things launched all year and it is good to see so many groups supporting IFAs. It is starting to get a bit late in the day but these are also next- step tools that can be used post-RDR,” he says.
With the deadline now looming many believe that advisers will be starting to consider the continuing demand of the changes.
“It is going to be ongoing and the key is that it’s not just one day, it does not stop on 31 December 2012,” Lowcock said.