Background
If you are responsible for a major retail distribution channel, RDR offers you a mix of opportunities and threats and you will now be making critical decisions on your future strategy and plans. You will be seeking to select the very best and optimal business models that fit with your customer base, organisational capability and current operating model.
You will be taking decisions on the most appropriate advice model – Independent, Restricted of Simplified or indeed a blend of two or three. Your plans will take account of the customers you want to retain and protect, new customers you believe you can attract and those that it will no longer be profitable to service. Your decisions will be based on your planned customer service proposition and aligned fee structure in 2013.
As a large distributor, your people are critical. The cost of attracting, developing and retaining the highest calibre of individuals is a very significant one. You are currently making a large investment to ensure all existing retail advisers attain the new raised standard of professional qualification. You will also be revising and updating your current T&C schemes, CPD programmes,your selected Accrediting Body including processes to manage SPS and how you manage overall reporting post RDR.
Your review of professionalism will take into account the required raised standards of overall competence, which the FSA have made clear remain the responsibility of the firm.
One of the biggest concerns for many distributors as they develop their new models is how to retain and grow profit particularly in the current economic climate. Bigrock’s proven track record can help you achieve this by working with you to;
- Fully understand your future operating strategy and plans and design and deliver bespoke development programmes to ensure Sales and Sales Management are not only skilled and knowledgeable but also motivated to succeed in a post RDR world.
- Provide expert advice and guidance on all aspects of the RDR regime, helping you to review and implement new processes, policies and frameworks to oversee the overall competence of all of your employees as well as the specific requirements within regulated sales.
- Implement exciting and innovative development solutions for new and existing advisers, ensuring you are recognised as an employer of choice for those individuals who are seeking to start or further develop their career in Financial Planning.
