Tuesday, 04 September 2012 07:30
Standard Life launches IFP-backed RDR guide to help advisers
Standard Life, a sponsor of the Institute of Financial Planning, has created a guide for advisers to help support their clients through the RDR changes.
The 12-page guide, created in association with the IFP and the Personal Finance Society, is entitled 'The new approach to financial advice'.
It outlines how financial advice is evolving, rule changes, what these mean for consumers and the Financial Planning six-step advice process.
It also includes consumer case studies to bring the information to life and five questions for consumers to ask their adviser.
Dave McGovern, Standard Life head of retail marketing, said: "There's been a lot of debate in the industry about who should be responsible for educating the consumer on the changes afoot with RDR.
"The industry has been living and breathing the RDR for the past six years but the consumer is, in the main, unaware. We cannot expect to take the consumer with us if we don't engage with them effectively. Communication and education plans should be a priority for the industry as a whole."
Last month, the Financial Services Authority published its own consumer guide entitled 'Financial Advice Changes 1-2-3'.
It covers knowing what advice will cost, knowing what you are paying for and getting improved professional standards. It also highlights the difference between independent and restricted advice and how commission will work.
Karen Barrett, chief executive of unbiased.co.uk which is working on a consumer-facing media campaign with Standard Life, said: "It is vital to use the opportunity RDR presents to talk to consumers about why advice is important and how to ensure they are getting the best advice for their needs."
Click here to view the guide http://www.standardlife.com/static/docs/2012/rdr029.pdf
The 12-page guide, created in association with the IFP and the Personal Finance Society, is entitled 'The new approach to financial advice'.
It outlines how financial advice is evolving, rule changes, what these mean for consumers and the Financial Planning six-step advice process.
It also includes consumer case studies to bring the information to life and five questions for consumers to ask their adviser.
Dave McGovern, Standard Life head of retail marketing, said: "There's been a lot of debate in the industry about who should be responsible for educating the consumer on the changes afoot with RDR.
"The industry has been living and breathing the RDR for the past six years but the consumer is, in the main, unaware. We cannot expect to take the consumer with us if we don't engage with them effectively. Communication and education plans should be a priority for the industry as a whole."
Last month, the Financial Services Authority published its own consumer guide entitled 'Financial Advice Changes 1-2-3'.
It covers knowing what advice will cost, knowing what you are paying for and getting improved professional standards. It also highlights the difference between independent and restricted advice and how commission will work.
Karen Barrett, chief executive of unbiased.co.uk which is working on a consumer-facing media campaign with Standard Life, said: "It is vital to use the opportunity RDR presents to talk to consumers about why advice is important and how to ensure they are getting the best advice for their needs."
Click here to view the guide http://www.standardlife.com/static/docs/2012/rdr029.pdf
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