Retail Distribution Review Is A Storm In A Teacup (Press Release 26-06-07)
FP Advance, the leaders in transition planning, said today that the retail distribution review discussion paper is likely to be a storm in a teacup.
FP Advance’s Chief Executive, Brett Davidson, said ‘The comments reported in the media about the likely position of the FSA are not going to cause consternation among genuine advisers however at the lower end of the industry I bet they are starting to really worry.’
Davidson explained: “For anyone providing genuine client focused advice any changes in regulation will have little impact. The main challenge for advisers is ensuring that the real value they add to clients is well packaged and more easily understood. For most advisers adding value is not the problem, but explaining it to their clients is. FP Advance have worked with over 100 IFA firms to date and the biggest single stumbling block for businesses that are transitioning is explaining the benefits of what they do for their clients.”
This aptly named discussion paper is likely to generate plenty of that (discussion that is). The reality will be that a lot of water is still to flow under the bridge before hard recommendations are made. However change is coming and IFAs that try to resist that change will find it harder and harder to run their businesses and will continually be at the mercy of new rules and regulations. Businesses that have transitioned are miles ahead of these issues and will have few if any changes to make in the way they deal with their clients.
It is interesting to see that lower levels of regulation may apply to so called ‘primary advice’ and one has to wonder if the recommendations in the recent ABI submission are holding some sway at Canary Wharf. Watch this space.
Davidson concludes:
“Businesses that are already on the front foot with these issues can really make hay during the next few years as the late adopters of change struggle to justify their remuneration directly with the client.”
ENDS
For further information, please contact
Brett Davidson, Chief Executive, FP Advance
0207 431 3663
Notes to editors
About FP Advance
FP Advance provides a range of services to corporate clients to allow them to increase the productivity and professionalism of their mid to high level distribution including speaking services, training and consultancy. The also offer consultancy services to practitioners with the aim to help advisers;
* Move from up-front commissions to a renewal income stream
* Focus on client service strategies as the lever for growth
* Understand the power of systems
* Grow the bottom line via increased productivity
* Increase the sale value of their businesses
* Create leverage from compliance rather than a burden
* Communicate the value they add to clients
* Design a workable succession plan
* Attract & retain quality staff
* Build a bespoke business system
* Increase profits
* Enjoy their working lives again
About Brett Davidson
Brett Davidson is Chief Executive of FP Advance, a specialist business-strategy consultancy and ‘leaders in transition planning’.
Brett has worked closely with the Institute of Financial Planning (IFP) helping its member firms and has been in great demand as a presenter and consultant all over the UK. As an Australian Certified Financial Planner, Brett was instrumental in developing service strategies to meet the needs of high net worth clients.
