What’s in a name? Is Independence necessary or desirable post RDR? David Burns Executive Director, NMG Consulting.

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Presentation transcript:

What’s in a name? Is Independence necessary or desirable post RDR? David Burns Executive Director, NMG Consulting

So what’s Independent advice and what’s Restricted advice? …or we could simply agree to disagree! We could spend the entire session debating this

Which is which? ► There are no off-the-shelf solutions…every single one of our clients has their own personal concerns, responsibilities and ambitions… ► We offer a range of carefully constructed, risk-rated portfolios that enables you to spread your investments across a wide range of asset types and countries ► The cornerstone of our approach is our Investment Committee who 'manage the fund managers' on behalf of our clients ► Our planning process…how we get from where you are to where you need to be ► We offer several active portfolios, to suit every risk appetite…we select a range of funds from a variety of expert fund managers and management houses ► Our Wealth Management Committee meets quarterly to discuss the merits of where we have invested

Single Tie Single platform, c100 funds, core provider, gap fill WoM but in practice 70% of business placed with 3 providers, packaged products Single platform, narrow investment proposition TODAY: Most firms operate here Retail investment products, multiple platform and product usage, additional monitoring How IFAs describe RA The Advice Continuum Passive restricted Active restricted WoM

Which will you choose…and why? Whole of market Passive restricted Active restricted

Does the customer actually care… or even know? …or do they simply want to know their adviser isn’t biased and that they don’t have ‘all their eggs in one basket? Do customers demand independent financial advice?

Ask yourself… Are you entirely happy with the range of products and services you are able to offer your clients today? Is your current model fully compliant with the new whole of market rules? So why do you need to be independent going forward? Yes Maybe not ?

If you had to choose one of these, which would it be and why…

Active clients FUM (millions) May 10Nov 10May 11Nov 11May 12 Mean value/client: £99k£118k£129k£132k£140k Does Restricted Advice present a solution for the mass market? IFAs are focusing on higher value clients and the banks have exited the mass (advice) market

David Burns Executive Director London Office David Burns Executive Director London Office