RDR prep: Is your firm an eagle or an ostrich?

Author: IFAonline
IFAonline | 18 Nov 2011 | 09:15

Categories: RDR| Technology

Topics: RDR| business development

american-bald-eagle

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.

 

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