Pearson Jones put pitfalls and opportunities of RDR in spotlight

MEMBERS of the professional services community heard how the biggest shake-up in financial services for a lifetime will affect them at a specialist seminar hosted by Pearson Jones and TheBusinessDesk.com.

Peter Heckingbottom, John Metcalf and Paul Scott from Yorkshire-based independent financial adviser Pearson Jones highlighted the main elements, the impact and the pitfalls of the Retail Distribution Review (RDR) which professional advisers should consider when dealing with their private clients.

Mr Heckingbottom, investment director and deputy managing director of Pearson Jones, said the RDR was “absolutely revolutionary”.

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“It is the biggest change in financial services in my working life. It has increased the level of qualifications for financial advisers to a new bar and has led to 15% of advisers leaving the market.

“Commissions have been outlawed, they no longer exist in financial services. And advisers have also had to make a decision over whether their business models are independent or restricted.

The seminar, hosted by David Parkin, founder of TheBusinessDesk.com, was held at the DoubleTree by Hilton hotel in Leeds.

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