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Can Social Media help IFAs battle new competitors and the effects of the upcoming Retail Distribution Review?
In January 2013, the Retail Distribution Review (RDR) will take effect, banning independent financial advisers (IFAs) from receiving commissions from financial services companies, opening up a radical change to the industry. For the first time, IFAs will need to collect fees directly from their clients.
The rules could not come at a more competitive time in the industry.
It is likely that IFA’s will prefer to deal with wealthier clients to achieve higher consultancy fees, leaving the general public with and increasing knowledge gap and no obvious place to turn for independent financial advice.
So what can financial services companies do to engage directly with their customers? Social Media can help, and here's how.