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Advisers need to work on personalising their service

 

Advisers need to work on personalising their services following the introduction of Mifid II last year, Chris Jones has said.

The proposition director at Dynamic Planner said the changes introduced as part of Mifid II still had not had their full effect.

Speaking on the FTAdviser Podcast, he said: "Change always takes time, if you look at how long it took RDR to embed. I think that probably at the moment there still is a general culture of trying to find the perfect solution and giving it to everybody, which is not necessarily the spirit of compatibility but I think the way in which the solutions describe themselves is a little bit insular.

"Things like having an objective for medium to long term growth. If you walked into Tesco and tapped someone on the shoulder and asked ‘do you fancy having some medium to long term growth?’ they wouldn’t know what on earth you were talking about.

"There is a lot of work to be done in terms of matching what an average consumer would understand and the way in which solutions describe themselves as well as [how] an adviser would describe them. That’s going to be a process over a number of years."

Mr Jones also discussed how adviser charging would be affected by Mifid II and what advisers should bear in mind on capacity for loss.

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