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Providers step up RDR assistance

Product providers are stepping up their efforts to help advisers meet their RDR requirements.

A recent survey from BlackRock suggested that 87 per cent of advisers had not yet finalised their client proposition in advance of the RDR deadline on 31 December this year.

BlackRock head of UK retail Tony Stenning says: “Many advisers and investors are still wrestling with what the new regulations will mean and how they should act. Some advisers are clearly racing to complete the minimum required qualifications but this is potentially drawing their attention away from transitioning their businesses and communicating potential changes to clients.”

However, with the clock ticking, many providers are stepping up their efforts to help IFAs get their businesses prepared.

Aberdeen Asset Management has just announced a series of roadshows this autumn to help IFAs get their client proposition in place while Friends Life is running a specialist group protection workshop for intermediaries later this month. The workshop will focus on the impact of the RDR on group protection business and the implementation of auto-enrolment in October. It will also cover added value services for group protection and claims management.

Friends Life speakers will provide views on how intermediaries should be preparing their businesses. These include group protection strategy and marketing manager Declan White and director of sales group protection Shane Kinsville.

White says: “Following previous workshops earlier in the year, we found intermediaries appreciate us going to see them to speak about industry issues. At a time of great change, it is a good time to ensure intermediaries understand issues such as auto-enrolment.”

Aberdeen Asset Management has teamed up with the Institute of Financial Planning for its events in Birmingham, Manchester, London and Southampton in late October.

The main focus of the events – part of the Adviser Intelligence series – is how IFAs can ensure their offering is suitable for their client base. The half-day seminars will include the ideal client proposition, outsourcing but remaining independent at the same time, outsourcing of asset allocation, defining and positioning an investment philosophy and a final RDR checklist.

Aberdeen Asset Management head of strategic partnerships Steve Andrews says: “We have continued to work closely with IFP and the IFA community to develop a challenging and timely seminar to discuss some of the issues affecting advisers.”

Suffolk Life meanwhile is running a series of roadshows looking at the impact the RDR will have on Sipps.

Suffolk Life propositions and marketing director Chris Jones says: “Advisers are continually being faced with significant regulatory changes and in the approach to the RDR these seminars provide a forum for discussion and an opportunity for us to make sure advisers are adding as much as value as possible for their clients.”


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