If you have a financial portfolio, are you aware of the Retail Distribution Review (RDR) and the positive implications it has on your wealth?
As a service-led industry we should offer the highest standards we can. Why then are many in our industry publically opposing the RDR - a process that encourages a working ethic that should already be in practice. Why has it been acceptable that commission driven advisors with a low level of education and hidden charges have been able to provide such an important and personal service for so long?
RDR will modernise our industry and help it to become more cost transparent, customer focused and effective. It will raise the bar for advisors in terms of their qualifications and the service they provide. In recessionary times with government cuts sky rocketing university fees and rising petrol prices, every penny counts - good service and good value should be sought out in all aspects of life. Ernst & Young predicts that the number of IFA firms will fall by 10,000 within the first year of the RDR coming in to effect on 1 January 2013, as they fail to reach the required educational target, and fail to provide a good ongoing service.
If you have spent a great deal of time building up assets to provide for your future you deserve a kitemark of service and the opportunity to step away from 'a pile it high, sell it cheap' product offering. RDR will offer you the confidence to find advisers who have the right motivation to work in this industry and who will work with you to ensure you are life confident.
We're not market traders, we are professional advisors and we are proud to be working in an industry which is tailor-made to client needs. As a Chartered financial planning practice, directly regulated by the FSA , Citimark has been supporting these reforms since day one. It has been an easy transition for us with little impact on our business. We pride ourselves on providing high quality financial consulting for our clients and a training programme which supports staff to the right level and we'll continue to keep our focus on continual improvement.