INVESTOR’S NOTEBOOK: Getting ready for RDR
The biggest impact of Retail Distribution Review here will be the abolition of upfront commission for investment products
I was rather cryptically invited to the launch of a Sonata last week. I am not a music critic but was looking forward to a Beethoven recital to help me relax. Then I saw an old contact of mine, Peter Mann, who used to run the well-oiled sales machine at Skandia UK. Perhaps it was my chance to get a good deal on a pre-owned Hyundai Sonata. In fact this Sonata had nothing to do with Beethoven or motor vehicles ... Sonata is the back-office software run by Australian-based Bravura. I had certainly heard of its main competitor, SunGard’s Compass. Sonata’s flagship client is Fidelity Funds Network, one of the UK’s big-five investment platforms.Bravura’s sales pitch is that now is the time for linked investment service providers to rebuild their back-office software from scratch, to provide for the changes that will take place with the introduction of the Retail Distribution Review (RDR). RDR will follow quite closely on the lines of the UK, where financial advisers are divided between in...
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