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Never mind the costs and charges, it’s all about the farmers!

5. Challenged enterprises – lastly, the segment contains those farmers who have fallen out of love with farming and feel isolated. They may feel that farming is a big burden on the family.

If you do have a large proportion of farmers in your client bank, these could quite easily be your sub-segments. For the purpose of complying with PROD, you could start with these sub-segments and build outwards selecting the most appropriate investment option, platform and type of advice service to best meet the needs of each band. 

There is no hard rule within PROD about how you go about segmenting your client bank (and it’s certainly not about becoming experts in behavioural farming types). You just need to evidence you have a structured client-centric process in place to deliver tailored advice, products and services to each of your specific client segment. And if you do have any farmers on your book, you can thank DEFRA.

This is a Royal London Intermediary Paid Post. The news and editorial staff of the Financial Times had no role in its preparation.