27th November 2017

Independence Tool

Compliance and Training Solutions, guiding advisers through RDR

  • Helping you to prove and demonstrate your independence.
  • 15 simple questions to allow you to filter all products down to a manageable number for you to base your recommendations upon.
  • Either save the result to your system or a PDF detailing how you arrived at your decision.
  • FREE 7 day trial – just log in and create an account
  • £249 + VAT for a 12 month license with unlimited access and unlimited users

The Retail Distribution Review (RDR) requires financial advisers to state whether they will offer independent or restricted advice from 2013. Independent advice is a recommendation based on an unbiased, comprehensive and fair analysis of the relevant market.

The key term here is ‘relevant’. This means that any products that are not relevant to the client’s circumstances and objectives can be discounted leaving a panel of appropriate products from which the adviser makes a recommendation. This concept has bewildered advisers wishing to provide independent advice but struggling to find a way in which this can be demonstrated without mountains of paperwork.

This tool provides the solution! The tool provides the evidence that the adviser has made an unbiased, comprehensive and fair analysis of the relevant market from a wide range of products including those which are not considered to be a Retail Investment Product.

The tool asks for a small number of questions for the adviser or support staff to complete based upon the advisers conversations with the client. As the user works their way down the questions they will see the number of suitable products reducing, giving the final panel of products at the end. The results are then summarised in a PDF document for the client file thus providing the audit trail that independent advice has been given for that particular client.

This is a simple and effective tool which any independent financial adviser can’t do without!