Openwork launches major support programme to help advisers prepare for RDR
Openwork is launching a major support programme to help its pensions and investment advisers develop the business models, service propositions and charging structures they require to operate successfully after the introduction of the RDR.
Beginning this September, Openwork’s RDR support programme will see a specialist business transition team, through workshops and one-to-one consultations, guide the network’s pensions and investment advisers through the RDR change process, from initial client segmentation and cash flow analysis, to detailed business and actions plans.
The transition project will begin with a number of seminars across the UK to help advisers attain a comprehensive understanding of how the RDR is likely to impact their business mix, cash flow, service proposition and charging structure.
Transition pilots for selected pensions and investment firms will also begin in September, with the transition team working closely with principals to analyse existing business models and future funding requirements. Bespoke business plans, outlining how individual firms can begin to move to fee-charging structures by mid-2011, are expected to be finalised by December 2010, after which the transition programme will be rolled-out to Openwork’s remaining pensions and investment partners.
Openwork, which has appointed network Programme Director Phil Mogford to oversee the transition project, will help advisers move to fee-charging through a cash flow financing programme designed to lessen the financial impact of changing payment structure. The network, which is concurrently running a professional qualifications support programme, is also implementing an operations platform to support fee-based remuneration and the other demands of the RDR operating environment.
Commenting, Martin Davis, CEO, Openwork, says: “With the RDR rules confirmed it is our number one priority to ensure our advisers have all the tools and assistance they require to successfully move to a charging model and to make the right decisions in positioning their businesses for future profitability in the new world.
“Our RDR transition programme will offer direct, comprehensive and bespoke support to every pensions and investment partner who requires it, enabling them to access the expert direction and extensive support they need to ensure they can thrive in the post-RDR world.”