RDR, just what does it mean?
Well, it is not the initials of a former Eastern European state (that’s DDR, as in the old East Germany).
It is not even the first names of a famous United States president (that’s FDR, as in Roosevelt, if anyone’s asking).
RDR stands for Retail Distribution Review.
That review, the result of five years’ worth of consultation and eventual agreement between the financial services industry and the Financial Services Authority, has brought about important changes to the way people get financial advice.
From 31st December 2012 clients can now expect:
- Clearer charges: instead of being paid by commission, advisers will have to agree charges up front.
- Clearer services: it will be made clear how much of the market an adviser can help with.
- More professional advice: an adviser will have to meet higher standards of qualification, keep knowledge up to date and sign up to an ethical code requiring them to treat a client fairly.
Now that might come as a shock to many financial firms and individuals, who may well have thought that RDR would never happen. But it has. And those changes are just ‘manna from heaven’ for us here at Lifetime.
That’s because we have already been following that path for many years.
We practice what we preach:
Service, Service, Service
Building strong, lifetime relationships
Overall, helping people to reach their financial goals throughout their life is at the heart of what we do. We continually support clients to refresh and renew their financial plans, to keep them on the right track, and to ensure that their financial plans go hand-in-hand with their life plans.
Lifetime managing director Ian Dickinson said: “The reality of the RDR legislation will have a considerable impact on many firms and individuals. But we should be feeling not only confident but also excited about the colossal opportunity which is unfolding before us. That is because quality service to our clients has always been the fulcrum to our long-term success.
“RDR gives us, to use the words of Warren Buffett, the opportunity to ‘widen our moat’ still further.”
Although the RDR door is now well and truly open, a lot of our rivals can be found still perched nervously on the threshold.
Here at Lifetime we have walked confidently through – and continue to make tremendous strides.