News & Views

PanaceaIFA Business Transition Twitterviews

On the afternoon of 5th October 2011 Panacea ran two ‘Twitterviews’ on how to prepare your business for RDR. 

First we received the lowdown from John Joe McGinley, Business Consultancy Manager at Aegon, who provided us with an update from the perspective of a product provider.  Using no more than 140 characters per answer, John described the challenges that providers face, how they can help IFA’s manage change and what they see as key success factors going into 2013.

Following on from that Alex Morris, Partner & Independent Financial Adviser at Financial Relationships answered Tweets on how he will be preparing his business for RDR, what his challenges are as an IFA and what his main focuses will be for success.

Read the full transcript below.

Panacea & Aegon:

@Panacea - What do you see as the top 5 provider challenges for 2012?

@aegonbizbrain RDR Systems, Social media self service, retaining talent, nurturing partnerships with advisers helping them transition to RDR

@Panacea - How best can providers help IFAs manage change?

@aegonbizbrain We need to help Advisers establish the best post RDR model for all.  We also have to help them communicate this to clients

@Panacea - Will clients expect more service to justify the fees?

@aegonbizbrain I think they will expect more than the offer of an annual review! We as an industry don’t package it or shout enough about it

@ Panacea - What top tip would you give to industry ceo’s for 2012?

@ aegonbizbrain understand the impact of Social media and ensure that their organisation grasps the opportunities it offers our industry

@Panacea - What will the key for IFA success in 2012 be?

@aegonbizbrain Get your vision right, segment, develop profitable propositions and ensure you know each of the RDR remuneration options enjoy!

@Panacea What benefit can IFA’s get from the Panacea Business Transition Microsite?

@aegonbizbrain Clarity and direction. Most people have an idea of where they want to go this site can be their RDR sat nav to get them there.

@Panacea – thank you for taking the time to allow Panacea to interview you today, we have found your answers very interesting.

Panacea & Alex Morris:

@Panacea - What's your current position with RDR planning?

@IFA_recruitment We are alreay RDR proof. Currently we are looking to take on IFA’s who are already Level 4 qualified and are RDR ready.

@Panacea - Do you have a business transition plan on paper?

@IFA_recruitment We changed our advice model in 2009 to accommodate RDR. The advice process we use for each new client/review meetings meets RDR

@Panacea - What are the top 5 IFA challenges for 2012?

@IFA_recruitment Client demand, Investment conditions, changes in legislation, confidence in the economy and smiling through the RDR transition!

@Panacea - Will clients expect more service to justify the fees?

@ IFA_recruitment No or at least they should not. Clients should not pay for time they are not using but IFA's should not work for nothing.

@Panacea - Hourly rate or funds under management?

@IFA_recruitment Hourly rate please! Existing funds under management will be used to offset the adviser hourly rate.

@Panacea - 2012 focus - Customer retention or new business?

@ IFA_recruitment Retaining the clients that are already paying fees or FUM under the RDR model. Focus on those who want advice and to pay for it.

@Panacea – What will the key for IFA success in 2012 be?

@IFA_recruitment Being ready for RDR. Reviewing clients properly. Holistic planning offering a whole of market proposition.

@Panacea - What benefit can you get from the Panacea Business Transition Microsite?

@IFA_recruitment Embrace the changes and work with them on the microsite. Learn from the experiences of others to affect positive RDR change.

@Panacea – thank you for taking the time to allow Panacea to interview you today, we have found your answers very insightful.