A 'light-hearted' analysis of firms' preparedness for the Retail Distribution Review splits businesses into seven categories. So, what would you consider yours to be? An Albatross, Octopus or Mole?
The zoological-inspired chart below has been put together by consultants Remus and software provider Distribution Technology.
Rare breed with tremendous acuity of vision
Likely to be ready for RDR or well on the way
|Well-qualified and predominantly fee-based.|
Head in the sand
Hoping RDR will be delayed or go away
|Typically smaller adviser firms who have been opposed to RDR from the start|
Large and endangered species
Historically reliant on IFAs for distribution, uncertain what consumers want or how to teach them
|Life Companies and Fund managers who have used commission to control sales|
Has lots of arms
Running multiple business models and business units so not clear who is deciding the way forward
|Banks, especially the larger groups spanning retail, wealth management and private banking|
Has tunnel vision
Likely to be bogged down in detail and only come up for air when the key issues are resolved
|Some adviser firms, typically sceptical of RDR. Some platforms unsure of their role and future market demands|
|Salmon||Clear on the destination but there are lots of obstacles to leap along the way||
Some adviser firms, pro-RDR but historically commission based
Some banks and bradassurers
They know what they need to do but there are so many things to do, that they are in danger of being distracted.
Large companies already implementing
Smaller firms inexperienced in managing major change.
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Advisers and providers gathered at the Grand Connaught Rooms in London on 20 November to celebrate the ingenuity and the graft displayed in the protected product arena throughout the last 12 months. These awards are growing in popularity every year, and our congratulations go to the winners and highly commended.
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