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Money Marketing Interactive: Roderic Rennison predicts more mergers on the horizon

Roderic Rennison of The Ideas LabAhead of his appearance at Money Marketing Interactive in London on 3 May, Rennison Consulting boss Roderic Rennison predicts yet more advice firm consolidation and explains why Paul Bradshaw is his advice market hero.

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On a scale of 1 to 10, how optimistic are you about the advice market for 2018?

10. Demand far exceeds supply do competent advisers have as much work as they can handle if they organise themselves well.

What is the best innovation you’ve seen recently?

I haven’t seen much genuine innovation recently; mainly iteration and improvements building on existing systems and processes.

What can be done to improve the supply of advice?

For the FCA and FOS to be co-ordinated in their activities to provide more clarity for advisers in relation to their activities.

Have advisers reached a point of true professionalism yet?

Yes and no; it’s subjective; advisers have never been more professional but there are always improvements that can be made.

How long will the DB transfer market boom continue?

I don’t know but advisers should be very mindful of the FCA’s actions and words and constantly review and update their advice processes and seek appropriate expert external review.

What major trends are you predicting for the next 12 months?

More consolidation for advisers, platforms and fund managers and life companies. Consolidation and the challenges of successfully buying or selling firms have never been greater.

How important is it for the advice community to share best practice?

Very; it saves time, effort and can help avoid regulatory issues arising.

How can advisers best improve their image with the public?

Be more open about how they do business. That starts with their website and openly explaining fees and charges.

What’s been your proudest achievement at your firm this year?

Helping my clients achieve their objectives – whether that is in relation to successfully delivering a project, to recruit for key positions, to acquire firms, or to successfully sell their businesses.

Who is your advice market hero

The late Paul Bradshaw. He made more positive difference to the intermediary, life and platform markets than anyone I have met in over 40 years in financial services.

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Will ad valorem charging stand up to recent criticism?

It will for those who can demonstrate relevance and value in what they provide to their clients but I expect a move over time, to a mixture of advice fees and investment oversight fees so that there is more alignment between the services provided and cost to the client.

What’s your favourite tech tool?

I don’t want to appear to favour one over any others but I do like some of the more recent retirement income modelling tools.

Who would be your perfect client, and who would be a nightmare one?

My perfect client is one with whom I have good personal chemistry, who listens to me, and who gets the right result and then recommends me to others. I don’t have nightmare clients – and I know this sounds like a trite answer – because I assess the chemistry with would-be clients and the extent to which I am likely to be able to assist them at the outset, and do not assume that they will become clients until I have confidence on both counts.

Rennison will be chairing a discussion with leading M&A brokers on how advisers can make their firms fit for sale. Sign up now to secure your place.

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