A new era of professionalism
A year on from RDR, was it the storm advisory firms thought it would be? We caught up with some of our clients to see how they had adapted their businesses and to gauge their thoughts on the post-RDR landscape.
What we discovered is that far from being a blot on the adviser business landscape, the RDR has, in the main, been a positive experience for firms.
One of the most noticeable impacts is how the requirement for increased qualifications is having a positive effect on people’s perceptions of advisers. A new respect for the expertise an adviser can offer is emerging. This in turn is making advisers feel more confident about their chosen profession and this increased confidence and professionalism is manifesting itself in the way companies are developing business strategy.
The changes brought about by the RDR have forced advisers to embrace marketing and communication in a far more structured way. It’s also made them review how they run the day-to-day business, with a focus on streamlining admin systems to allow the qualified advisers the time to concentrate on doing what they are trained to do – provide expert advice.
Technology has had a big part to play in facilitating this streamlining and the most successful firms have developed a balance between people and technology. We’re proud that our Intelligent Office software is at the heart of enabling many adviser firms to structure themselves in ways that allow them to offer high quality advice at competitive prices.
Clearly it’s not been without pain for some advisers but, overall, it looks like the RDR has set the framework for a new era in financial advice, which has got to be good news for everyone.