The online business academy, developed by Aifa and Skandia, will help IFA firms meet the requirements of the retail distribution review.
The first phase provides a tool that poses a series of questions to members on subjects ranging from business strategy through to client segmentation and servicing, which will then generate an action plan.
The tool, which is free for Aifa members, is intended to assist businesses in assessing their current status and mapping a strategy to meet RDR requirements.
Aifa director general Chris Cummings says: “Every firm now needs to review its business model and operations to ensure that it uses the period between now and the end of 2012 to make any changes necessary.
“Change will not happen quickly. The process should not be underestimated and for some it will take years to complete. We believe that the tools we are providing can be of enormous benefit to our members in meeting the challenge.”
Paladin Financial Services managing director Tim Purdon says: “Any of these tools that help IFAs adjust their business models ahead of the RDR are useful.
“A lot of IFAs are used to operating a commission model and, at the end of the day, all IFAs have to change the way they operate and will need help doing that.”