The Retail Distribution Review clock is ticking. As part of moving to the new regime, managers of advice firms and platforms & providers, are thinking about their propositions and deciding which business models will be the most appropriate for them going forward.
In February, the FSA issued a guide to help advisers and welath managers ensure they are prepared for RDR.
For many advisory firms, undertaking a technology review is a key part of the RDR preparation process. Five basic questions to start this process off are:
If your answers identify some room for improvement – then it’s unlikely you’re alone. At Distribution Technology, we may be able to help.
Our vision is a world in which everyone plans and manages their long term finances using technology that enriches the experience and their lives – compliantly and consistently.
68% of advisers using Dynamic Planner stated it allowed them to undertake regular financial reviews, 73% say it has helped to increase the number of sales, 74% say it has improved their ability to treat customers fairly and 77% were better able to maintain the consistency of their advice (source: DT Adviser Survey, May 2008) – all key steps in moving your business towards RDR.
This year, in a similar study (A problem shared, is a problem halved), we estimated that if the technology is effectively employed and the end-customer is also involved in entering data, the average time to complete a case is reduced from six to three hours, thus halving the time.
If you’d like some more information on the RDR, please go to: FSA – Retail Distribution Review.
Please contact us, to find out how we can enrich your customer relationships as part of the RDR transition.