What RDR help is your provider offering?

Fund groups have recognised there are areas where they can offer help and expertise to ensure advisers meet the RDR deadline.

Here, Maria Merricks takes a look at some of the help available for advisers

Fund houses 

JP Morgan Asset Management

JP Morgan Asset Management (JPMAM) is well known for its work in supporting IFAs pre-RDR. Its Academy programme of workshops and guides encompasses the upcoming regulatory changes among other topics. Since the service’s launch in 2005, more than 12,500 advisers have attended its workshops covering market, client and business insights.

Stuart Podmore, head of Academy at JPMAM, says the service originated when clients looked to the group for support and expertise during the market turbulence. Today, however, they are facing different challenges, he says.

“In 2011, we are concentrating on ensuring our content addresses specific regulatory changes in the UK arising from the forthcoming RDR. There are some big changes that need to be implemented in a short timescale, so we want to make sure we fully support advisers as 2013 approaches.”

The next series of workshops – called ‘gapfilling’ – are designed to help advisers prepare for the impact of level 4 requirements. Registration opened two weeks ago but already more than 850 advisers have applied.

Visit: www.jpmorganassetmanagement.co.uk/Adviser/Academy

F&C

For F&C, the major implication of RDR is the enhanced regulatory focus on whole of market, quality fund research.

Philip Martin, head of proposition for the UK retail business at the group, says as pressure increases, one of the big themes is the need for advisers to understand who their client base is and what their proposition is to them.

“They are going to have to charge an explicit price for offering it, so a valuable solution may be to outsource to multi-manger funds.”

Martin says many advisers overestimate their client proposition.

“There is a big mismatch because many advisers believe their ability to pick funds and put them together adds value for their clients. In fact, study after study shows clients appreciate their help in so many other aspects instead. A lot of the work we are doing is helping distributors understand how they can create a proposition for clients post-RDR.”

The group is focusing on getting this message across by getting a team on the road out to the advisers. F&C provides an abundance of free guidance material online, outlining client base segmentation, pricing structures and more.

Visit: www.fandc.com/new/Advisor

BlackRock

Mark Elliott, head of UK retail sales at BlackRock, says the group is focused on listening to the adviser community and providing necessary advice and assistance. Currently, it is exploring a number of thought lines based on its similar experience in the US market a few years ago.

Elliott says: “We see little value in being a ‘me too’ provider. Our experience in the US demonstrates the transition to fee-based advice is a competitive necessity driven by the demand for independent advice. Advisers able to craft an effective transition plan for their business over the coming months should be able to create a profitable and productive practice, allowing them to serve their clients effectively when RDR comes into effect.”

Exploring additional ways BlackRock can support advisers, Elliot highlights a focus specifically on initiatives to aid the demand for education.

To this end, support comes from extensive educational material from the group on the ETF market. It works alongside iShares, to provide resources such as the iShares Guide to ETFs.

Elliot says BlackRock continues to look for new ways to help aid education.

Visit: uk.ishares.com/en/pc

Aegon

Aegon is another group helping advisers with pre-RDR support. Its online hub and Business Brain websites aim to assist advisers in the transition.

For example the hub contains a range of support material and information including up-to-date regulatory developments, expert analysis, research findings and links to other useful sources. Business Brain offers more practical help, with RDR action planning and guidance on developing a business.

Here, advisers will find the ‘proposition zone’, dedicated to offering practical help in the stages of transition. The group says it has proved extremely popular and Sesame Bankhall has even white labelled it for use with its advisers.

Meanwhile, industry experts from Aegon run workshops and roadshows for firms around the country.

Advisers can access the hub at: www.aegon.co.uk/rdr