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Life after RDR

The RDR might almost be here, but there will still be plenty of work to do next year

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.


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