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Foster Denovo advisers 100% qualified for RDR

by Jun Merrett on Jan 16, 2013 at 15:49

Foster Denovo advisers 100% qualified for RDR

National IFA Foster Denovo has announced that all its 80 investment advisers have reached level four status.

The firm began the process of getting advisers qualified for the retail distribution review (RDR) in 2009, running weekly training sessions and offering administrative support for exams and gap fill.

Foster Denovo chief executive Roger Brosch (pictured) said staff had worked hard to get qualified.

‘RDR has proved time-consuming for advisers; many have found themselves embroiled in huge amounts of administration, preparing for the task in hand,’ he said. ‘As a consequence, they have either had to work harder, for longer hours, or they have seen their revenue levels being impacted. In effect, they haven’t been able to get on with the day job.’

'At a time when the industry is losing advisers who have failed to achieve the necessary qualifications, I am particularly proud of our team.’

Brosch said the next target for the firm was for all the advisers to attain chartered or certified status.

20 comments so far. Why not have your say?

Andrew Watts

Jan 16, 2013 at 16:53

I'm sorry, but what exactly is there to be proud of? Was it any different for anyone else? And anyway, if they hadn't achieved the necessary qualifications they wouldn't be investment advisers, so how could it be any different than 100%? Hey! All our investment advsers are qualified - yes 100% of them!!!! Well done us. Yawn!

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Kathleen Keyte

Jan 16, 2013 at 16:59

Why is this news? I agree with Andrew

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Man in Black

Jan 16, 2013 at 17:02

@Andrew

Yeah, I think this is the wrong story: 100% are qualified. But in fairness to these guys, I suspect the point they're making is they've got quite a good retention rate and that people are not being forced to pretend to be Introducers and paraplanners when they actually want to be advisers?

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Mad Eyes

Jan 16, 2013 at 17:03

Well done Roger and your team.

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Man in Black

Jan 16, 2013 at 17:04

BTW, I'm aware of one firm (associated with a large accountancy firm) whose advisers in the 'corporate' bit achieved a 100% fail rate in retaining their adviser authorisation for RDR. Appreciate they don't all need it, but it kind of puts FD in context.

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Mr Man

Jan 16, 2013 at 17:49

It will not improve the advice given only that those giving it have a few qualifications to brag about. This years advice will be 2015's breaking news on the continued failure of the financial services industry. All those level 4 advisers will still have the same conversation with their managers that all advisers have had for many years. "you need to improve your figures. This high basic salary we are paying you needs to be paid for"...and so we go on.

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Keith Cobby

Jan 16, 2013 at 17:54

Foster Denovo (who I hadn't heard of until reading this!) have sent out a press release and been name-checked on Citywire. Free publicity (see Towry take on ex-RBS adviser...). Good luck to them.

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Paul Barnard

Jan 16, 2013 at 18:48

@Andrew - that was my reaction too!

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Andrew Watts

Jan 16, 2013 at 18:48

@ Man in Black - yes, for sure. All the same (and I have no issue with FD at all) I think it would have been far wiser for the article to be about how the advisers, having now achieved the minimum qualification (after all, that's all it is), are now focussed on building their propositions, adding value to clients and enthusiastically looking forward to improving their qualifications still further ..... instead of bleating on about how tough it's been, how many hours it took, how business written has suffered ....... sorry, same for EVERY invesdtment adviser .... some who managed it all well before. No criticism intended of any individual, just of the approach. Clients read these blogs, and I would rather they are enthused about our new found professionalism and the benefits that brings THEM, rather than how tough it's been and haven't we done well! Tough???? Diploma???? Nah, sorry!

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Roydo

Jan 16, 2013 at 20:52

Correct me if I am wrong, but ar'nt all advisers qualified to L4 now?

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Adam Grant

Jan 16, 2013 at 22:42

@ Roydo - yes, you are wrong! Its aren't,...

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Chewbacca

Jan 17, 2013 at 11:20

Oh well done Roger! 100% of your advisers through by the deadline date. Congratulations!!

Come on NMA sort out the real stories from those just after free advertising

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Jonathan Kirby

Jan 17, 2013 at 12:33

@ Mr Man

Not all advisers.

Most of us are self employed with no salary and no manager to have a conversation with.

The funny thing is I have only ever set a target of having happy well looked after clients yet have managed to make a reasonable living doing this.

I know this will jar with your cynical outlook, but those of us within the industry are better placed to be able to know what goes on.

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David Curley Dip extrodinaire

Jan 24, 2013 at 09:34

I am pleased to say that I am 100% Level 4 qualified and guess what I am proud of it. Citywire Tell the world for me please.

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Andrew Watts

Jan 24, 2013 at 09:46

@ David - Ah, but did you have to work harder, and for longer hours ... and was your revenuue impacted ... if not mate, doesn't count! These guys are special.

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David Curley Dip extrodinaire

Jan 24, 2013 at 10:27

@Andrew Watts,

No I did not have to work harder, I took time off, went on 1-2-1 training , costing me a fortune and then my clients ask what was the point as they get the same quality service, but I have more letters after my name than in my name !

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Andrew Watts

Jan 24, 2013 at 10:41

Well, nonetheless mate, FD would be proud of you.

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honestjohn

Jan 27, 2013 at 19:45

Mr Man -very valid point. Academic qualifications does NOT represent a moral state. Managers , I assume you men within roles that pay a salary e.g Bancassurance. Until the Regulatory bodies really UNDERSTAND ( or More honestly ACKNOWLEDGE ) this problems will persist.

Foster Denovo people are self employed ? so is it still a target driven role , even with no salary ( maybe fees are met ? ). Be interesting to hear from someone in such a role !

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Village Rascal

Feb 19, 2013 at 10:01

I DO work there and the snide comments above could not be more misplaced. Many of us are already Chartered and a great many got their qualifications a long time before RDR was even considered because we are determined to be the best. I am proud to working with a thoroughly Professional and thoughtful team. As Roger says, we have worked hard to ensure we are 100% RDR compliant. If you haven't then I have to assume you've not done your job properly. It's been a huge financial burden and time consuming. And yet I have to concur with the thought that 'qualifications' are merely a sideshow for many advisers, an inconvenience along the way. The Foster Denovo way is to provide the absolute best we can for our clients and if that means more qualifications or better processes then so be it. Building on our proposition, adding value, and constant improvement in qualifications and training is embedded in our work. And yes, like many advisers, we do long hours and earn a good living. I really don't see what the problem is with that.

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Andrew Watts

Feb 19, 2013 at 10:37

Hi VR, the comments I've made are about the absurdity of the report rather than FD advisers, who to my knowledge are no different to any other advisers - which is why the report is so absurd. Incidentally though, I don't think Roger is correct in referring to the "industry" losing adivisers because they have "failed" to achieve the necessary qualifications. The "profession" is losing advisers because they "choose" not to (in the main) achieve the necessary qualifications, for their own individual quite acceptable personal reasons.

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