View the article online at http://citywire.co.uk/new-model-adviser/article/a634364
Push providers on adviser charging rules
by Richard Allum on Nov 16, 2012 at 11:28
With only weeks before the retail distribution review deadline, the details of adviser charging are still being worked out by providers and IFAs. At this crucial stage, paraplanners must be more proactive than anyone, pushing providers for information and clarity, scrutinising regulation and rethinking their own understanding if needs be.
I thought I understood the rules and that applying these to the ‘real world’ would be relatively straightforward. In the main, this turned out to be the case, but some issues required a rethink.
Differences in the rules
Understanding the rules set out by the Financial Services Authority does not automatically mean I would understand the rules a provider would apply to its own processes.
From my experience, it looks as if all providers have different processes and system requirements. The trick to a smooth transition in January will be to ensure you understand the subtle differences between them. And don’t expect all the information to be easily available. If you’ve not done it already, I recommend starting now.
Richard Allum is managing director of ParaPlanPlus
Blogs sponsored by:
@investecam_ukTweets by @investecam_uk
More about this article:
More from us
- The New Model Adviser® top 10 steps to prepare for RDR
- Conference agendas show paraplanners’ rise
- What’s the measure of a good paraplanner?
- College course bodes well for new blood
- Why is it so hard to make cost comparisons?
- Do we need specialists to spot the mistakes?
by Jun Merrett on Feb 28, 2014 at 10:16