Your IndustryJul 9 2014

Advisers looking to grow businesses in wake of RDR

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The retail distribution review has left advisers more professional, more organised and with a strong desire to grow their businesses, Paul Harrison has suggested.

Prudential’s head of business consultancy, a division of the insurer that works with adviser firms to help them develop their businesses, said a “by-product” of RDR was that IFAs had become better organised in managing their time and had clarified their service for clients.

He said: “We have noticed that IFAs are focusing on how to run efficient businesses. They are using paraplanners more effectively, looking to recruit more staff and considering their ongoing service for clients”

Mr Harrison added that, “generally”, advisers’ disclosure of charges and service delivery was “reasonably good”, but that many firms found the FCA’s examples of good and poor practice helpful as a benchmark.

He urged the regulator to consider issuing some further examples to give advisers a wider variety of practical guidance.