Taxbriefs Commentary Library

How to tell your clients about adviser charging

Danby Bloch, 21 Aug 2012


Are you one of those financial advisers who is sorely tempted to say nothing whatsoever to your clients about adviser charging? Is your first instinct to treat it like a bad smell and hope that, even if it doesn’t go away, none of your clients will notice as long as you don’t mention the subject?

The trouble is that you are going to have to talk to clients about the new system and the service proposition that you will be offering them. You will need to sign them up for the new relationship and there is simply no getting away from it.

So you really need to decide on your proposition – or propositions for most firms – and your level and types of adviser charging. Every firm should be considering their communications plan, deciding how they will be contacting clients, when they will be doing it and what they will be saying.

There is no one-size-fits-all answer for every type of advisory firm. Most advisers will probably want to go through the new arrangements face-to-face – at least with their key clients. That will be the key explanation, but you will certainly need written explanations as well, which might include a general letter or note to clients around this December or January 2013, and a note for your website about adviser charging as well as written information for the face-to-face meeting – both before and after.

You need a plan, a detailed schedule, documents, and oral and written statements. The Taxbriefs RDR communications pack will take most of the pain out of these tasks, by setting out the options, providing draft schedules and checklists and giving you a set of alternative versions of what you should write and say.

Prepared by the acknowledged expert on IFA management, David Shelton, this solution provides you with a really simple and straightforward way to introduce the new system to your clients with minimum stress, resistance, cost and time spent on this essential transition for your business.

To find out more about the RDR communications pack please call Alex Broughton on 020 7970 4196.


Print  | 
 |  Back to Library

Danby Bloch

Editorial Director, Taxbriefs

Danby Bloch is the editorial director of Taxbriefs, chairman of city-based IFAs, Helm Godfrey and director of Nucleus, an independent wrap provider.

Over a period of more than 40 years, Danby has established himself as one of the industry's leading thinkers and  is a respected author, lecturer and trainer on tax and financial planning.




© Taxbriefs Limited 2012-2018
Registered in England No. 1247331
Registered Office: Wells Point, 79 Wells Street, London W1T 3QN

Centaur Media
Join us on LinkedIn