The Through the Looking Glass report looks at the way in which advisers are re-examining their businesses as a result of RDR. Participants included wealth managers and IFAs.
While advisers felt that it was important that they demonstrate their value and explain what clients are paying for, many advisers revealed that they were anxious about explaining the implications of RDR on fees and services.
More than half, 58%, of participants believe that service offered differentiates a wealth manager, while providing people rather than technology was deemed important by almost two-thirds.
Business support
Almost three-quarters of participants, stated that enhancing their relationships with existing clients is important. Improving communication, customer management systems and segmenting clients according to their needs were cited as key ways in which to do this.
Winning new clients and dealing with regulations and compliance are the next most important issues facing advisers, according to 66% and 64% of advisers respectively.
In terms of generating new business, advisers stated that it was important to identify which clients would be the most commercially viable and which would provide the most sustainable sources of revenue.
The graph shows the importance placed on various strategies for winning business during 2013.
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