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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.
| Characteristics | Examples | |
| Eagle |
Rare breed with tremendous acuity of vision Likely to be ready for RDR or well on the way |
Well-qualified and predominantly fee-based. |
| Ostrich |
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 |
| Albatross |
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 |
| Octopus |
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 |
| Mole |
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 |
| Bee |
Is busy 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. |
| Share | |
| Comment | RDR prep: Is your firm an eagle or an ostrich? |
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