Tips
Creating a new market structure
You could potentially offer 'independent advice' and 'restricted advice' for different clients or to meet different client needs provided you make this clear in your declaration. Therefore, you could decide to offer restricted advice in dealing with certain clients or satisfying simple needs. Perhaps you could offer 'independence' as a 'premium' service for come clients or handling complex needs.
The level of advice being offered will depend upon the ability of individual advisers to have a 'comprehensive' knowledge of the relevant market being considered.
It might be possible for your practice to offer purely independent advice across all relevant markets without each of your advisers having the necessary depth of knowledge in every market provided clients are 'shared'.
Advisor Charging
A clear separation of advice and product charges should make things easier for you to compare products and measure value for money. However you may need to adapt your sales process to accommodate this change and may have to get used to offering clients a 'menu' of payment options.
Think about:
- Doing some research with clients now
- Review how you target your clients
Review your client proposition and segment your clients base. Read out adviser guides in our Business Consultancy Centre.
