Tags

The demands and challenges that the implementation of RDR presents were the cornerstone of our Executive RDR Forum held at the IOD on 15th January 2010.

The audience of senior executives from across the industry heard the views and insights of four practical and authoritative speakers who collectively provided an unequivocal call to action for the industry. The message delivered was clear in that RDR and its demands are not going away, the industry cannot ignore or work round it and it will demand major changes to operating models. The challenges were clearly stated but also the opportunities that RDR may bring and it is for each company to decide how the impending changes will re-shape their operating model.

To provide a thought provoking breadth of views the speakers approached the implementation of RDR from different perspectives and starting points but all were hard hitting in their assessment of the challenges. The speakers were:

Stephen Gay – Director of Distribution Development, Aviva

Hugo Thorman – Managing Director, Ascentric

John Deane – Chief Executive, Royal London Intermediary

Tony Craig – General Manager Strategy, NFUM

Stephen provided an insight on the requirement for organisations to react positively to the need for open consumer understanding, greater levels of qualification and the likely shift to self serving that RDR will drive. Supported by telling research his address highlighted the emergent consumer relationship that will be not only with an IFA but also with the provider. Hugo provided a guide to how the platforms are adjusting to RDR and how in the future they have the potential to be a critical tool in providing the high service levels RDR will demand.

John pulled no punches in highlighting the fact that those companies (providers and intermediaries) who are waiting to get all their thinking done before acting will fail to meet the RDR deadline. His illustration of ‘the economics of the madhouse’ practised in the industry to date was extremely thought provoking and demanding. Finally Tony provided a practical and insightful guide to the thinking and planning that his organisation is undertaking to ensure it continues to thrive in a post-RDR world.

Attendees at the forum were invited to complete a brief, anonymous survey, the aim of which was to capture a snapshot of the perceived impact of RDR on the represented organisations.  The results of that survey are available in the Winchester White RDR Survey Report January 2010.  If you were unable to attend, but would still like to participate in the survey, please click here. 

The session was valued and welcomed by the attendees with comments such as:
‘Extremely interesting and thought provoking – good mix of presenters and views’
‘Very well balanced presentations’
‘Many thanks for a useful morning’

The Forum has excited significant press interest evidenced by recent articles in Money Marketing such as Scottish Life chief says the move to fees must start now and Aviva wants debate over orphan clients. 

This important and successful event was the latest in a series of forums by Winchester White and illustrates our commitment to providing the knowledge and insight to support our clients to implement the demands of RDR successfully.

If you would like to know more about this or our other events, please contact us.

If you would like to read more about RDR, please click here.

If you would like to know more about how we can assist you in implementing your RDR plans please click here.