MyTouchstone has extended even further its capability to give intermediaries insight into local adviser fees.
New users, as well as over 12,500 existing intermediaries, now have the opportunity to collaborate and share their preferred fee models and the level of fee charged which is now so crucial in the post-RDR marketplace.
“We knew that RDR was going to be a game changer and predicted that the majority of IFAs were going to be focused on changing their business models in order to keep up with the change”, said Peter Welch, Intermediary Director for MyTouchstone. “Of course central to getting a business model right is being able to understand local market conditions.
“The enhancements that we have made to MyTouchstone mean that firms and their advisers can gain a real-time insight into their local market, enabling them to position themselves and their services as effectively as possible. The collective sales data we hold together with the insights provided by advisers themselves makes the MyTouchstone database a market leader in its field and, therefore, the most reliable source for this vital local market intelligence.”
More than 12,500 intermediaries are registered on the MyTouchstone database gaining a valuable insight into the business make-up of their firms and the qualifications of their advisers and making it highly reflective of current market activity. With the addition of the new fee charging intelligence, MyTouchstone will enable advisers to see how their sales and charging strategies compare to other firms in their local area and across the UK. They can also assess the values of different products sold by other firms in their area in order to create sales strategies that remain competitive.
“It was evident at the end of 2012 that some firms had a long way to go before they were RDR ready,” concludes Peter Welch. “By logging into the MyTouchstone database and comparing their business models to other key players in the market, advisers can now really see just how much their work has paid off and any further steps that they need to take.”
To find out more, customers can contact Touchstone on 01236 722 000
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