SteveBillinghamConsulting

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RDR

Why your clients won’t pay 1%

RDR asks big questions about the charges that financial advisers make for advice, and the biggest challenge for advisers seems to be in the shift from commission to fees. Everybody is talking about it, and a lot of people are worried. Here’s an article from the US where, although they don’t have RDR, they’re wrestling …

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Business transformation in 12 months or less – can it work?

6 months ago, we took on a new client. He is typical of most advisers. He cares about his clients, was trained to sell products, and is worried about the future impact that RDR will have on his business. A particularly big clawback that nearly finished his business, was the trigger for change. The first …

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Product providers are damaging advice relationships

RDR brings a requirement for transparency into the nature of relationships between customers, their advisers and product providers. This transparency is especially relevant around issues affecting: The charges that customers pay and what they are for (cost) The responsibilities that each party has (responsibility) The control and influence that might exist in conflicted situations (independence) …

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The evolution of a financial planning

We’d love to know what you think of our new video about the evolution of financial planning which you can view below. It tells the story of the 4 stages that advisory businesses typically go through to become a successful financial planning practice and outlines some of the key challenges along the way. It’s an …

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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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