"Frameworks are essential to have in place to deliver consistent results for clients, but a framework needs to have the right level of flexibility to deliver for all clients, and that’s what a CRP should do.
"A CRP takes time to build, but ultimately it should have the best tools for the adviser to deliver the flexibility and convenience clients need for their retirement plans, while ensuring the adviser is utilising their resources in the best possible manner, which will be essential for them to grow their business," she says.
She adds: "Advisers need choice for their clients and it is on us as an industry to innovate and deliver the range of robust and flexible retirement plans [needed]."
For Owen the most important thing is having a framework for giving consistent advice.
In Openwork’s case this takes the form of a suitability of advice framework covering the client journey from the first meeting with their adviser to the end result, which ensures some uniformity in the way retirement advice is given.
This covers all the steps advisers need to follow to give clients the optimal result, says Owen. A centralised system then monitors whether this has been the case.
Tait agrees advisers should have an advice framework in place, both to ensure consistency of service to the client and to underpin their pricing models.
It is possible to have more than one service offering in order to cater to different client groups, she says, but the key building blocks of fact-finding, risk assessment, research and recommendations should be present and underpin each different service.
Mann agrees, and suggests firms could use the consumer duty framework to design and deliver products and services that adapt and evolve with the needs of their consumers.
"The regulator is going want to see evidence of how the consumer duty has been embedded into the firm's culture.
"Firms that successfully implement the duty could use the duty framework to design and deliver products and services that adapt and evolve with the needs of their consumers."
Carmen Reichman is multi-media editor at FTAdviser
