In its RDR feedback statement, the software provider says while the RDR will “create substantial change to the distribution of financial products”, it comes with great opportunity.
The statement says: “The way distributors are trained, give advice, provide services and are paid will be affected, as will the relationships they have with the manufacturers of financial products. To take advantage of these changes the distributor must be flexible in their thinking and have an infrastructure that is capable of adapting to changing market requirements.”
The statement says a business must be founded on a “strong, accessible client base”, and it must monitor its “performance closely to ensure customer satisfaction is high, but to do so in a cost effective manner”.
However, IntelliFlo chief executive officer Nick Eatock says there are still many uncertainties around the review. He says: “Our paper is designed to help advisers in understanding the convoluted route that each update seems to take and the effects of this on their businesses. Whilst we acknowledge that RDR will create substantial change to the distribution of financial products, we want to reassure clients that our system will support the way that current and future advice models need to operate.”