Retail Distribution Review – What does it mean for you?

March 25, 2013 5:55 pm Published by

TheRetail Distribution Review(RDR) is the biggest shake up the industry has seen in decades. RDR represents a major regulatory initiative. It aims to remedy perceived problems in the industry to resolve them and provide consumers with a trusted resource. As a result, financial advisors have now had a change in the order of what takes priority as well as their ‘to do list’ getting longer.

Financial advisors require new services that add value to their clients as well as generating additional income. But as they find themselves with no spare time to research new services, they are unable to spot opportunities for their clients or business. There is also the concern around implementing a new service could take up a lot of time and energy and additional resources would be needed.

Being able to spot something new that will benefit their clients is not as easy as it seems as they are bombarded with proposals on a daily basis and don’t neccessarily take time to review and look at new services. Leading to that great opportunity getting deleted or when calling, reception asks the question to their IFA;

Do you want to you want to speak to a new service provider?

“No, just say I am in a meeting!”

What they don’t know is that there are services out there that are quite the opposite and there are services that will run alongside your business and enhance it and not detract any resource from it. At Technology Exchange we enable financial advisers to introduce clients to their new service and we manage them from there. Little time investment for maximum output for both them and their customers.

On a positive note, more and more financial advisers are getting together to share ideas and learn ‘best practices’ from one another. Which is great, because we all take on board tips and ideas when it comes from someone in our own field that we respect. One such group meets every couple of months to discuss issues that affects them and what new product and services are out there for their clients. This group is growing because it is supporting each other through turbulent times, which surely is the best approach not only for themselves but for their clients.

Written by Juan Romero, The Technology Exchange.

Juan has over 11 years’ experience in sales & marketing and has been working in the financial sector for over four years. Specialising in alternative investments and client services to financial advisers and wealth managers. Juan believes that delivering a good customer service will increase client satisfaction and client retention. Ensuring customers’ expectations are met is key to long term business development.


Categorised in:

This post was written by Kayleigh Driscoll

Comments are closed here.