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Financial Advisory Industry Challenges: Are You Prepared?

Discover the potential challenges faced by financial advisors and the actions you can take to mitigate risks and ensure success. Don't let confusion, angry customers, or lack of new recruits jeopardize your business. Stay ahead of the game.

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Financial Advisory Industry Challenges: Are You Prepared?

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Presentation Transcript

  1. RDR timebomb What if…………………

  2. How prepared are you?

  3. But what could go wrong? • Your advisers are confused. They do not understand your adviser fee scales

  4. Confused and nervous? • Your advisers are simply not confident in talking to customers about fees

  5. What proposition? • Independent or restricted?

  6. Angry customers? • Your customers are angry. They refuse to pay the fees you wish to charge

  7. Advisers have left the industry • You have lost several of your advisers who have left the industry or joined a competitor

  8. Can’t find new blood • You are finding it difficult to find new recruits

  9. Supervisory costs expensive • It’s proving too expensive to supervise new recruits through to competence levels

  10. Buried in paperwork? • CPD record keeping creating issues for SPS renewals • Behind on invoicing for adviser fees

  11. Performance is falling • Sales are down • Costs are up • Profits are disappearing

  12. Responsibilities unclear • Lines blurred of who responsible for what • No clear way of invoicing for non adviser time • Risk of acting beyond remit

  13. T&C scheme left behind? • T&C not positioned as a business enabler supporting all the changes

  14. Risks • New risks not identified and managed

  15. Training & Development • Processes to train new entrants fall into disrepair • CPD programmes not adjusted to reflect higher knowledge and skills required

  16. Supervision • Supervisors not equipped to help embed change.

  17. Can you think of more?

  18. Actions • List the actions that you could be taking before 31/12/12 to prevent the outcomes listed

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