Those in the industry would have to have been living under a rock to be unaware of the coming Retail Distribution Review (RDR) and its impact on all firms in the industry post December 2012.
This period of transition throws up three main areas for consideration which are qualifications, service propositions and charging structures. It also involves considerable planning around the systems, processes and controls we need to have in place to implement and support these considerations.
I could blog on each in its own right (and may well do so) but for now I’d like to focus on the qualifications aspect, how this affects everyone in the business and feeds into the quality of service we can offer now and going forward into the brave new post RDR world.
I’ve been in the industry now going on for 10 years and it’s fair to say the last time I sat an exam wasn’t exactly yesterday. I thought my studying days were a dim and distant memory so it has been unnerving and also quite refreshing to find myself delving back into the study books and revisiting old and new topics.
As my husband said at the beginning of this cycle of studying “resistance is futile, just get on with it” and you know he was right. There was nothing for it but to just get in with it and now I find myself enjoying the work, yes, I actually said enjoying!
It has taken a few months but I am now of the mindset that these exam are not a necessary evil but in fact are a means to refresh my knowledge, a way to better myself and ultimately will equip me with the experience required to do my job to the best of my ability. The knock on effect of this will of course benefit not only the team I work with but every client I help look after.
I’m not alone in pursuit of improved knowledge, my colleague Malcolm is working on the same qualification and Roland is working towards Chartered financial status.
It strikes me that in this current climate that clients are looking to firms who are knowledgeable, capable and professional and that means we have a responsibility to understand the rules and regulations within our industry and the legislation around the services and products we offer.
We pride ourselves in being proactive and not reactive and we can only do this with a sense of confidence if our knowledge is up to date. We need to be constantly striving to better ourselves so we can say at any given time that the service and advice we offer to our clients is the best it can be.
The first issue for 2012 of The Personal Finance Society magazine is headed up with the CEO (Fay Goddard’s) letter to members which is titled “Helping you be the best you can” and I think this should be the mantra going forward into 2012.
I believe anyone involved in the industry at present should view the need for extra qualifications as a way to help them be the best they can be which will ultimately benefit the firm and the client.
If you’re currently reviewing the service you receive from your Adviser and looking at whether the proposition provides value for money you might also want to consider how well that firm is embracing the need to refresh and improve on their qualifications.
Is everyone involved in managing your finances striving to be the best they can be?
Dr Claire Armstrong
Client Relationship Manager
24th February 2012