CompaniesMar 13 2015

‘I can count clients lost due to post-RDR fees on one hand’

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
‘I can count clients lost due to post-RDR fees on one hand’

Philip Martin, marketing director of Openwork, has said the network has “not found any resistance at all” to fees as he outlined the key challenges of the post-RDR world as being trying to help advisers with the more extensive demands of ongoing servicing.

Speaking to Financial Adviser’s Simoney Kyriakou, Mr Martin said: “There was a great fear two years ago about how fees would resonate with customers, whether they would be prepared to pay them.

“The number of customers who have walked away from our advisers when they presented fees I can count on fingers of one hand.

“But, that said, moving to an environment that has ongoing servicing agreements for fixed remuneration actually changes the balance of how an adviser splits their week. It moves it much more into servicing existing customers and much less about finding new ones.

“The big challenge there for us is how can we help and support advisers find the time to meet those commitments while still finding time to grow their business.”

Looking to the future, Mr Martin said the “principal developments” at the network will be around giving advisers tools and support to grow their businesses in a post-Retail Distribution Review world.

Mr Martin also talked about what impact the greater freedoms to access pension cash will have on Openwork advisers, saying the need to figure out how to use all your assets to fund later live will drive consumers towards advice.

He said it will help to improve prospects for advising through the generations in the wake of removal of death charges.

emma.hughes@ft.com, simoney.kyriakou@ft.com

4077836196001

myExperience4077836196001