I understand the principle of “Restricted Advice” and as a business model understand the needs of a bank to maximise profits, minimise costs and control the focus and the advice. I accept that they have made the decision to replace the IFA Arm with a “Restricted” Advice Model.
I believe that this is appropriate for a sales model to offer Restricted Advice whereas “Independent” will be left to those offering advice rather than product sales – yes, I am biased as I am and will always remain an INDEPENDENT FINANCIAL ADVISER – service and advice is my mantra. I am unclear of RBS’s use of the term “specialist” within the Restricted Advice model.
This is very close to my heart, as I am in the final stages of serving notice with Jewell & Petersen Ltd – I will be trading through my limited company Waverley Court Consulting Ltd as an Appointed Representative of Julian Harris Financial Consultants. The reason for this is to retain my status as INDEPENDENT, the service provision, support received and care I provide to my clients both now and in the future following the changes implemented in 2013.
Royal Bank of Scotland (RBS)
It’s official, Royal Bank of Scotland’s IFA arm is set to become “Restricted” Advisers under a restructure of the banks financial advice division which saw it announce plans to cut around 600 financial planning roles earlier this month.
The advisers who were IFAs within RBS will form the backbone of a new restricted service which will also house some of the advisers affected by the cuts announced last week.
The new service is expected to launch in October 2012.The advisers under the new restricted advice proposition will be called “specialist” financial advice managers with additional roles to be filled through internal recruitment and some advisers will be dedicated to business and commercial customers.An RBS spokeswoman said: ‘we will be offering a full advice service to our customers under a “restricted” badge, our existing IFA advisers will be moving into the new advice model together with a significant number of new advice roles being created.
‘The present RBS Group advice model is composed of IFA and tied propositions across private bank and financial planning.’The bank said it was currently researching its final panel proposition but confirmed that it will consist of solutions from the RBS Group and a set of third-party providers.
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