“The CRP or distribution strategy should include:
- How you are going to identify these clients.
- How you are going to help them understand the risks, advantages and disadvantages of different solutions.
- How you are going to manage their expectations.
- The platform, product or investment service and how that meets their spending needs in practice.
- How often you are going to review the client, what they should expect, and what the overall plan is.”
In its conclusion, M&G Wealth and NextWealth’s report says the primary reason for companies introducing a centralised retirement proposition is the direct benefit to the client of a consistent and robust process.
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As Andrew Megson, executive chairman of advice firm My Pension Expert, puts it: “If you have a client in Northumberland and a client in Torquay with the same circumstances, being dealt with by two different advisers in the same firm, the outcome should be the same.”
Chloe Cheung is a features writer at FTAdviser
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