John Joe McGinley, head of business brain, Aegon
I have just come back from two weeks in Donegal. I returned to a myriad of emails and requests for help with RDR transition, but I also came back to an intriguing question from a colleague of mine: “So what are you going to do after RDR?”
I had been thinking about that myself. My life has become absorbed by helping as many advisers as possible to move effectively into the new world. I have spoken face-to-face with more than 1,300 advisers this year alone, while our business brain website has had 19,000 unique visitors in 2012.
But the support we are providing the advisory market is not about the technicalities of RDR, but the business skills and techniques needed to survive as RDR creates a new advisory profession.
Every business in our profession regardless of RDR can only benefit from ensuring they:
- Are clear about what they want their business to be – its shape, scope and structure.
- Understand the types of clients they want – their characteristics, needs and what they value from the relationship.
- Develop a client service proposition that meets the needs, wants and expectations of the clients they deal with.
- Ensure they place a profitable price on both the initial and ongoing service they provide for clients.
- Have robust processes in place to ensure they meet the service promises made.
- Use the most effective technology available to ensure an efficient business model.
The RDR is merely a catalyst to drive many businesses to review and refine their processes. I am convinced that a large majority of businesses are more concerned with achieving RDR-compliant qualifications than with changing business models, and that 2013 will be a greater year of change than 2012.
The main thing to remember is that there is a wide range of support available. Our business brain website has an RDR zone, of course, and it has a wide range of other tools to help:
- Devise your business strategy.
- Marketing your business.
- Develop professional connections.
- Produce and review a business plan.
- This will all be needed after RDR and more so in 2013, as many start the transition of their business. So I may yet have some work to do next year.