With IFAs needing to be RDR-ready in just 18 months, AXA Wealth has launched a new series of interactive ‘business transition' sessions to support the owners of independent financial advice firms in preparing for the significant changes that it will bring.
The intensive workshops draw on global best practice and are designed to evaluate how and when a firm can make improvements to its productivity and profitability.
The first programme, to be held with seven adviser firms over four separate sessions, will focus on key areas essential to transforming businesses to meet the requirements of the RDR for 2012 and beyond:
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helping the firm understand its best business model with a focus on client proposition and risk management
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identifying key target markets for the firm to better align their time to the areas that clients value
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designing best practice investment philosophy, strategy and tactics
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segmentation - aligning the proposition to specific client types
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establishing the right pricing strategy. The programme will focus on the various fee options, the best fit for different client segments
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implementing strategy. Looking at how firms can adapt their operations to deliver a more effective and valuable client proposition and then manage the transition client-by-client whilst maintaining and growing their profitability and cash-flow.
Gary Thomson, head of business consultancy, AXA Wealth, said: "The RDR is the biggest thing to happen to this industry in decades and it is heading our way fast. For business owners to align their strategy with it is likely to take months if not years, so of course it is vital that those running IFA firms get the ball rolling now. These business transition programmes will help those firms who recognise that they need to start investing time now to achieve success in the future. The sessions will provide them with the support they need to accelerate their progress through a collaborative and pragmatic process."
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