According to the poll findings, more than 44% of account managers who participated in the polls mention ‘disclosure’ as their number one concern.
Nearly one-third (36%) of account managers mentioned client agreements, which cover the new processes required post-RDR, such as funding adviser charges and the cancelling and reclaim of adviser charges, as the biggest concern among. And charging model was given by 20%.
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Graeme Bold, director UK Retail RDR at Standard Life, said: "There are many advisers who are well prepared for the RDR deadline but for those who are not there yet we’re putting in place practical processes and support to help get them over the line.
"As part of this process to establish the pinch points, we’ve found the most common concern for advisers is explaining their new charges and what services they relate to, as well as illustrating how advice charges impact investment returns.
"Advisers must have a clear process in place to explain adviser charging to existing as well as new clients, and this is an area some are finding hard to communicate. We’ve also found that even those advisers who had thought their business model was already RDR-compliant are discovering areas where they are needing to make changes," Bold opined.
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By GlobalData
