Winning Client Trust - Chris Davies

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Résumé :
Winning Client Trust - The Retail Distribution Review and the UK Financial Services industry's battle for its clients' hearts and minds. The Retail Distribution Review (RDR) is a reality. 2013 will herald a new dawn for the retail financial services industry. The Financial Services Authority is currently sticking to its radical 'consumer protection' agenda with its key objectives: transparent and fair product and service fee based charging, clarity for consumers on services offered and industry professionalisation through higher financial adviser qualications. But do the industry and its clients understand the RDR's consequences: intended or otherwise? With client to industry trust still on fragile ground, the answer to winning client trust is far from simple. This book delves deep into the RDR ramifications for both the industry and its clients and works through the major issues to answer the key questions. Chris Davies' international and domestic experience within financial services brings together disparate views and engaging analysis of the RDR and its effects on the UK financial services industry and its clients.

Sommaire:
The Key RDR Challenges 1.1 The RDR Implementation Journey 1.2 Forseen consequences 1.3 Unforseen consequences 1.4 Summary 2 Evolution of financial services regulation and business 2.1 A history of regulation 2.2 Current issues 2.3 Financial advice 2.4 Products 2.5 Summary 3 Organisational change and transparency 3.1 What is organisational change? 3.2 Change management strategies that work 3.3 Change in practice 3.4 Transparency in business 3.5 Summary 3.6 Case Study 1: IFA change process. 4 Understanding the value chain 4.1 Internal value chains 4.2 External value chains 4.3 Investment value chain 4.4 Evidence based management (EBM) 4.5 Summary 5 Behavioural economics 5.1 Regulation of behaviour 5.2 Importance of psychology 5.3 The human brain and cognitive activity 5.4 Systematic biases 5.5 Possible solutions 5.6 Summary 6 Creating the sustainable business model 6.1 IFA's, wealth managers and banks 6.2 Strategic design 6.3 Product providers, wraps and platforms 6.4 New business model structures and related behaviours 6.5 Key to a profitable business operation 6.6 Summary 6.7 Case Study 2: A Platform Provider Model 7 Marketing, Marketing, Marketing 7.1 Product development 7.2 Platforms 7.3 Service design 7.4 Consumer engagement 7.5 Generation Y 7.6 Strategy and implementation 7.7 Summary 8 Fee based financial planning in action 8.1 Commission 8.2 Customer agreed remuneration (CAR) 8.3 The bare-faced fee 8.4 Charges, fees and rebates 8.5 Regulatory direction 8.6 Platforms and re-registration 8.7 Summary 8.8 Case Study 3: Solicitor Fee Model 9 Hard case for the soft skills 9.1 Psychological attributes 9.2 Risk management 9.3 Better Client Relationships (BCR) 9.4 Designing a RDR cultural transition learning and development programme 9.5 BCR in action 9.6 What will the new skill set look like 9.7 The sales experience and the cost myth 9.8 Summary 9.9 Case Study 4: Relationship Capital 10 Technology, Technology, Technology 10.1 Social media 10.2 The Cloud 10.3 The 'black box' treatment 10.4 Cashflow modelling 10.5 Asset allocation 10.6 Risk profiling 10.7 Outsourced support services 10.8 Diagnostics 10.9 Summary 10.10 Case Study 5: Adviser Technology 11 Putting it all together 11.1 Honesty 11.2 Understanding 11.3 Knowledge 11.4 Pedigree 11.5 Structure 11.6 Communication 11.7 Conclusion = Application 12. The Trust Factor 12.1 Trust defined 12.2 The journey to trust 12.3 The Trust factor Afterword About the Author Additional resources 1. Key FSA consultancy and other relevant papers. 2. Key organisations & websites. 3. Glossary of terms. 4. Treasury Select Committee Fifteenth Report: The Retail Distribution Review, summary and comments. 5. FSA paper PS11/9 Platforms Bibliography