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RDR – the clock is ticking...
Our CEO, John Deane, shares his thoughts on RDR and how to keep your business profitable in a post RDR world.
Video summary
- How to get your business from where it is right now to where you want it to be.
- Delivering a different service to different clients in a post RDR world.
- How to get the most out of technology and help you provide a better and more valuable service to your clients.
Opportunities created by RDR
The RDR maybe driving a huge change in the way in which financial advice will be delivered but the end result, for those who make the most of it, is the opportunity for advisers to stop doing a lot of things they don't like and start doing a lot more of what they do like - advising clients.
The key to arriving at this nirvana is being able to find other people and/or other ways to deliver some of the tasks that it is not cost efficient for advisers to do themselves, or at least not in person.
How technology can help
Technology can be used to deliver efficient and consistent processes, and it can be used to ensure you are allocating your valuable time to the right tasks.
Our discussions with advisers reveal that many are paying for a back office system (BOS) but not using its full capability. Partly this is because they are unaware of what the system can deliver and partly this is because they have not yet defined exactly what processes they wish to automate.
One advantage of exploiting the full potential of the BOS is the ability to provide a basic level of service to clients who are unsuitable or unable to pay for the additional costs associated with other advice support systems and platforms.
Advisers can also exploit provider technology such as risk profilers and model investment portfolios to deliver value to middle-value clients.
Our suggested action plan
Our suggested action plan would be:
- Identify a consistent advice process for you and everyone in your firm to follow
- Speak to your BOS provider to ensure you are using its full capability
- If the BOS system does not meet your requirements in 1, find another system that will
- Ensure any other technology you use to support the advice process can integrate fully with your BOS
- Use technology to manage your time - you can then manage your costs.
More information
For more information on how we can help you make the most of the opportunities that the RDR creates, please contact your usual Scottish Life consultant.
For professional advisers only
