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Care urged when explaining segmentation to clients

RSM Tenon says advisers need to be careful when communicating with clients about what parts of the market they intend to continue servicing post-RDR.

Speaking at a Money Marketing and Cofunds live RDR TV debate last week, RSM Tenon head of wealth management John Porteous said advisers should ensure they are not sending out the wrong message that certain clients are being “excluded” from receiving advice.

Porteous said: “If you approach segmentation as giving clients the brush off, then you will end up with very dissatisfied clients. If you cannot serve a client, you need to explain why you cannot serve a client, give them the rational argument and help them find their next home.

“I am not talking about finding them another adviser, but pointing them in the direction of services such as the Money Advice Service. We have made arrangements internally that we would direct clients to the MAS because we do not want them to feel they do not want to come back.”

Cofunds sales and marketing director Alastair Conway said: “There might be a category of clients where advisers tell them they will not get an ongoing service but that they should remain in contact for when clients are ready to transact or when they next have a need.

“Advisers may tell clients there is no point in paying for an ongoing service but they are here when the clients need them. The key thing will be not to pretend an ongoing service is being given when it is not.”


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