The impact of the Retail Distribution Review

We had our interview with the FSA this week on their proposed new supervisory structure looking at businesses from a governance, control and culture perspective.

This was a very interesting experience for us as it would appear to have gone well and it was rewarding to be able to clearly articulate to the regulator what we do, how we do it and what it means for clients.

I’ve seen a raft of changes over the last 30 years in this industry but it finally struck me after our meeting with the FSA this week, that the changes proposed with the Retail Distribution Review are the the most far reaching of all.

The idea of identifying your service to clients rather than how you’ll pick them a product I believe is well beyond a vast number of current IFA businesses.

I also believe if your current adviser is not already in a post RDR position, they will not be able to adapt before the deadline date of the end of 2012.

I finally made the decision this week to fully remove commission from all we do for clients in favour of a advice based fee system and it was an enormous weight off my shoulders.

It frees up the mind to concentrate on the right advice and already I see clients more at ease with a monetary system that defines what the advice costs and not about getting the product sold.

A couple of very serious questions will have to be addresses by clients in a short space of time; will my adviser still be there post RDR and will he have a service that I’m willing to pay for?

If you would like a second opinion on your current arrangements, the type and structure of the advice you are receiving and how you are paying for it, please give me a call.

Roland Oliver

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Our New Website

It’s really exciting to be writing my first blog for our new website. It’s taken a long time to get here but it’s been the right journey and I truly believe we have a fantastic Wealth Management experience finally in place.

At Oliver Asset Management we believe that putting the client at the head of any relationship is core to what we do.

It certainly appears to me that the genuine lack of true customer focus has become the norm and that people are resigned to a world of rules and regulations designed to hinder, confuse and frustrate.

Our banking system continues to struggle to regain customer confidence and I think it will be a while before “Customer Charters” and slick advertising slogans cut any real mustard with the general public.

People are savvy to when they are being spun a yarn and it’s high time our service industry woke up to this fact.

I believe people want to be treated fairly, with respect and to have things explained to them in an honest and straightforward way.

I also believe that people are happy to pay well for a good job and that if they get an exceptional experience, they’ll want to repeat it and tell their friends.

Our new website sets out our whole new process and our Wealth Management Formula but at the heart of all we do is a complete focus on ensuring you the customer have an exceptional experience and that you’ll be delighted that you entrusted us to help guide your financial plan for the future.

That’s the first of many blogs I’ll be getting out there but it’s a common theme that I’m sure that I’ll return to time and time again.

I’ll have comments weekly so do check in on a regular basis and give me a call anytime and see how we can help you personally.

Roland Oliver

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