SteveBillinghamConsulting

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RDR

Are you going to take the blue pill… or the red pill?

“You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in wonderland and I show you how deep the rabbit hole goes.” – Morpheus The world has changed and customers want a different experience. The regulator is …

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Busting the Risk Commission Myths

This article is inspired by a post of the same name written by Sue Viskovic of Elixir Consulting in Australia about the impact of the Trowbridge Report on financial advisers there. Specifically, whether clients will pay fees for advice on risk products in the event that commission is reduced or banned as a means of adviser …

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Why we need more IFAs, not less

For as long as I’ve been in financial services – 30 years – the media has told us that IFAs have been on the brink of extinction. The latest threats to IFAs are apparently regulation and so called Robo Advice. These threats are real, but will only succeed if IFAs fall asleep for the next …

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More than 60% of financial advisers’ clients are unprofitable

We recently launched our online evaluation for financial advice firms, which we have called an “RDR Reality Check”. The idea is to ask firms questions about where their business is in relation to being prepared for RDR, and give them some ideas on the things that they need to be thinking about. Although it’s not …

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The Experience of Insight

Do you know why we sometimes struggle to convince people to see what we see? Have you had an “Aha!” moment? What we are referring to here is “Insight;” A shift in our minds and consciousness that either means we see something others don’t, or that recognition when we, ourselves, ‘get it’. I was fortunate this …

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6 steps you need to take to getting “RDR ready”

The FSB’s Retail Distribution Review (RDR) is just around the corner and firms need to be thinking about getting ready. The UK RDR process started with consultation in 2006, fully six years before implementation in 2012. Whilst the process will inevitably be a bit different in South Africa, the direction of travel is fundamentally the …

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Is independence really a differentiator?

Last week I mentioned an article in New Model Adviser by David Burns of NMG reflecting on their predictions from 12 months ago about the impact RDR would have on the adviser community. The article amongst other things suggested that concerns about the great british public’s willingness to pay fees for advice haven’t materialised in …

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Is your business booming?

I was interested to read an article in New Model Adviser this week by david Burns of NMG reflecting on their predictions from 12 months ago about the impact RDR would have on the adviser community. The article, under the headline “Business boom for advisers dispels RDR gloom” focuses on the fact that there has …

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Is an AUM charging model sustainable?

Over recent months, it appears to me that the “default” AUM adviser charging (and for that matter investment management and platform charging) model is under threat. And I don’t just mean from the FCA, though clearly their focus on this method of charging does bring the issue front and centre. In the more transparent post …

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Profitable Practice Management – Part 6

Defending your fees In video 6 of our profitable practice management series we explore the tactics you can use to defend your fees when challenged by your clients, as you undoubtedly will be from time to time in the more transparent post RDR environment.

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