RDR Ready?

If like me you are an avid reader of the financial adviser press you can’t have failed to notice the coverage that has been afforded to the Retail Distribution Review.

RDR has been the subject on the lips of advisers since it was announced and as the industry edges towards implementation not a week goes by without one provider or another warning of the potential pitfalls that lie in wait for non-compliance or speculating as to how this will change the shape of advice in the UK.

However, although many in the know may feel they are heading towards ‘RDR fatigue’ the fact is the vast majority of the general public still remain blissfully unaware of the seismic change to how they will be receiving financial advice in the future. 

That is set to change though. The likes of Which? & The Daily Telegraph  have already begun to make their readers aware of the regulation and what it means for them. This level of awareness can only increase as we head towards the January 2013 deadline. With so much scratching of heads and gnashing of teeth having been caused to those within the industry it is likely to still be a mystery to the man and woman on the street. It will therefore be the duty of national and consumer personal finance press as well as regulators and the industry itself to communicate these changes in a clear and responsible way. With many IFAs set to exit the market, rule changes and changes to the way advice will categorised and sold there will need to be a huge communication effort to educate consumers. Those that realise this and articulate their messages in the clearest way are going to be the best positioned to take advantage of pre and post-RDR marketplace. There is a huge PR challenge ahead of the industry - and a correspondingly huge prize for those companies that get their message right.