The rules of financial advice are changing, with some financial advisors more keen to continue playing than others.
Let’s take marketing for example. Marketing has grown exponentially in the last decade or so, with clear and undoubtable results for all industries. The recent years have brought about new changes in financial marketing as well. Companies can now collaborate with organizations who can help optimize their workflow with new marketing tools, which can help increase these advisors’ audience reach. With new techniques like marketing automation and financial seminars, these companies can also help financial advisors boost their sales relatively. And that’s not it. There are many more changes taking place in the financial industry.
New regulation – the Retail Distribution Review (RDR) – will mark the beginning of a new era in how clients pay for and receive financial advice. Payments to Financial Advisors will no longer be commission-based, and in an attempt to stop the trend of mis-sold advice incited by product bias, all costs to clients will be agreed upfront.
