Industry news and views from Panacea and our partners.
RDR_
Axa Wealth: What did the RDR ever do for us?
Schroders' research reveals a significant number of advisers outsourcing their investment process since the RDR Stuart Podmore examines the findings.
Who is actually responsible for the RDR mass-market advice mess?
It was Sir Callum McCarthy's infamous Gleneagles speech in September 2006 which laid the groundwork for the overhaul of the UK financial services retail distribution business model, something now referred to as the RDR.
RDR learnings
At the beginning of August, the You could not make it up season got well underway with HM Treasury and the FCA launching a review to examine how to plug the advice gap (their own regulatory actions had caused). Well, they missed that last bit out in the announcement.
Doomed? Trail removal matters, fears for the few as well as the many
Many readers will be aware, we have been concerned for some while about the impact that the removal of trail will have on businesses. The impact is varied, the threat real, in fact more real than even we realised.
Equifax Touchstone: Advisers have increased hourly rates by more than 5% Since RDR was implemented
Unique new research and analysis* from MyTouchstone, the market leading collaborative intermediary database operated by Equifax Touchstone Limited, suggests that advisers have now settled into the post-RDR (Retail Distribution Review) environment.
Own Goal Leads Up To 20m Consumers Losing Their Adviser
The Heath Review Editor, Garry Heath has published its interim report today and comments: We have published our first results today which shows that RDR has forced almost 7,000 IFA Advisers and 6,000 bank advisers to leave the industry leading to nearly 10m consumers to no longer having access to their adviser. In addition, between 3m and 11m clients may find their adviser no longer has the capacity to service them.
The Heath Report Launches
A report has been commissioned by a group of industry leaders to determine how many consumers have lost their advisers due to impact of the Retail Distribution Review.
RDR - Lets get the numbers straight
There has always been a problem with the debate on RDR and that is the discussion has been bereft of reliable statistics - properly gathered and faithfully applied.
Canada Life: How has your business developed since the RDR?
We are carrying out some research into how your business has changed over the last couple of years. Has the Retail Distribution Review or any other changes in the industry made an impact?
Aegon: Its time our profession moved on
A look at the FCA RDR review and the five fundamentals for every business that can make sure they have a service proposition that clients value and desire
RDR Thematic Reviews: more woe for the FCA?
Whilst FCA executives are still claiming that the jury is still out on gauging the overall success of the RDR, the UK regulator will have been greatly disappointed by the results of two new thematic reviews. The first, published at the end of March, looked at independent advice.
Revisting the highland clearances
Please forgive me for seeing some similarities between the post RDR adviser number fallout, the pre RDR divisions of the anti and pro RDR lobbies, the so called at the time silence of networks, AIFA (APFA) and the Highland Clearances.
Safeguarding the future of your business Life after Trail
As many of you will be aware, earlier this month, in conjunction with New Model Business Academy, Panacea Adviser hosted a panel debate examining how advisers will fare once the end of trail commission comes into play and how advisers can prepare for the future of their business.
The Waterbed effect
The Waterbed effect is a phenomenon that should increasingly cause concern to those who regulate the industry and those it regulates in regard to pricing and the detriment the post RDR world has wrought upon the intended beneficiary- the consumer.
Further regulatory change the biggest threat to advisers over the next year, Fidelity and FundsNetwork research finds
Advisers have mainly increased their usage of model portfolios and managed fund solutions to help de-risk their businesses since the RDR
A year on from the RDR, advisers feeling positive about the future of financial advice, Fidelity and FundsNetwork research finds
A year on from the introduction of the Retail Distribution Review (RDR), two thirds of advisers are optimistic about their prospects over the next 12 months, with only 10% expecting things to decline.
Bento for One: Adapting with confidence in a post-RDR world
On 9th January 2013 Panacea Adviser teamed up with ThoughtLeadership Live to produce a FREE 'Bento for One' webcast to support and educate advisers.
FundsNetwork: 2013: The start of a snowball effect
FundsNetwork rounds up 2013 as a year of continued change as advisers and providers continue to tackle new and forthcoming regulation.
Scottish Life: Clean conversions - expectations from the FCA
A summary of the FCA's Guidance Consultation document (GC13/7) on the conversion of pre-RDR classes to post-RDR equivalents.
Bento for one: Adapting with confidence in a post-RDR World
Panacea Adviser has teamed up with ThoughtLeadership Live to produce a FREE Bento for One webcast to support and educate advisers.
I wanna tell you a story
I wanna tell you a story of how the world of easy mass-market access to advice, now in intensive care, will see the life support machine finally turned off.
Hit me baby one more time
How much more must the world of financial advisers come under attack? Nearly 1,000 advisers have now voted on our poll Will the removal of trail commission have a negative effect upon your business?
Aegon: So why do clients pay for your service?
RDR has created many myths and these continue as we adapt to the post RDR landscape. Many felt adviser numbers would fall, restricted would be the new black and that consumers would never pay for advice.
Aviva: Post RDR landscape is better than predicted
Aviva's latest Adviser Barometer reveals that advisers are feeling broadly positive about the implementation of the Retail Distribution Review.
Providers and Advisers, Friends or Enemies?
On 11th October 2013 Panacea Adviser teamed up with ThoughtLeadership Live to produce a FREE Bento for One webcast to support and educate advisers.
Scottish Life: The future of trail commission
There has been a lot of coverage in the press following the Financial Conduct Authority's (FCA) Board Meeting in June. We consider what was said, what the issues are and what happens next.
Doom and Gloom
No, not the recent Rolling Stones album, but will the FCA next find fault with adviser servicing fees with Miss- billing as their next scandal? Recent forums discussing financial adviser remuneration, employment status and fees have highlighted one more unseen, unintended and possibly unfortunate consequence of the RDR.
Regulatory & Investment Change
2013 is a year of major regulatory change for the wealth management, retail fund management and the advisory sectors. The investment landscape is proving more positive but still fragile, but how are the clients responding to these challenges?
Time to join the campaign
With RDR now behind us, PFS chief executive Keith Richards is looking ahead with a campaign to build trust in the financial planning profession. Discover how you can back the initiative
Speed, information and flexibility the importance of service post RDR
We are all familiar with the impact RDR has had on how we present charges to clients, but there are many other ways in which it has affected both advisers and providers.
Providers and Advisers, Friends or Enemies?
Panacea Adviser has teamed up with ThoughtLeadership Live to produce a FREE Bento for One webcast to support and educate advisers.
Scottish Life: RDR thematic review - summary of TR13/5
We look at the key findings of the FCA's TR13/5 paper how firms are implementing the RDR.
Dont put your daughter on the stage Mrs Worthington
For many older advisers out there the memory of starting their own adviser business may be a little hazy but I think now is the time to put a reality check in place for those young gun entrepreneurs who may have been thinking this was a great idea for them to pursue today.
August Hot Spot talking point- Stand well back, something nasty is about to hit the fan.
August saw a very interesting discussion develop on the subject of post RDR adviser charging and the FCA attitude to what they see now.
Aegon: Take control of change
An old boss of mine once said, If youre afraid of change, dont work in financial services.
RDR update for Scottish Widows individual pensions
From 12th August this year Scottish Widows have been offering their Legacy Scottish Widows Individual Personal Pensions customers an adviser charging functionality.
Damned if you do; Damned if you dont
The speculation of what will happen to Networks post RDR has still yet to be proven one way or another.
Letter of the week
I would like to suggest to you as fellow financial advisers that you should sign the LINKED petition to create fair liability for financial advice.
As American as Mom, Apple Pie and Baseball
A phrase often heard to describe something that is unique to the culture and society you live and work in, illustrating principles or values with which few disagree.
Bento for one: The state of the nation RDR + 6 months
How is your practice performing in the new world? How is your business performing compared with other similar adviser firms? How do you define success post RDR