Consumer Duty: Is your advice network providing enough support?

As we march towards the first milestone of the Consumer Duty implementation timetable. We recognise that some people may not be aware of the reassurances that come with being part of a network that truly understands what the changes will mean to you, your firm and your clients. Below are a few questions that you should be asking yourself to understand whether you are currently receiving the support you need, along with some highlights of the support services that we deliver to our community of financial advisers as standard.

1. Is your network saying “we’re already doing everything we need to do”?  If they are, they are wrong.

Communicating the considerations around Consumer Duty isn't enough. Which is why Our T&C team are here to provide dedicated support around the extensive list of rules and guidance changes, because no two firms are the same.

2. Have you, or will you, been given the opportunity to provide input into the implementation process?

As part of our requirement to approve our firms' Implementation plans. We encourage feedback and conversation with our membership where we are signing off their business models, documents and and advice propositions.

3. Have you received practical examples of what you can do, and what you must do?

Consumer Duty will bring tangible changes to your advice processes, which is why we offer considerations with practical examples of the changes. We also discuss what changes have to made at Network level for transparency, and to effectively support our membership.

4. Is your network helping you to understand how to set your prices?  Or are they just telling you to justify what you are already doing?

In the weeks following the publication of the final policy statement many opinion pieces appeared in the industry press, focusing on the Price and Value. ASHL ensure that the Sense and Lyncombe community are armed with the knowledge to go beyond the regulator’s expectations, ensuring that firms are able to demonstrate that their services are fairly priced and offer true value to their clients.

5. Is your network giving you practical examples of what to do on the full spectrum of client vulnerability?  Or are they just telling you that for clients over 80 you need to ask the client if they want someone else present in the meeting?

Running throughout the Consumer Duty rules is the regulator’s concern about the fair treatment of vulnerable customers. In terms of products and services, what the regulator wants is for firms to consider the needs of vulnerable customers at the design stage. This means that it is the Network's responsibility to ensure that this is embedded into our firms' propositions and culture. To provide real consideration of the needs of their clients.

6. Is your network providing you with suitability reports which clients will actually read?  Or are they just pointing you towards the ‘business as usual’ 40-pagers?

We offer a suite of regularly optimised templates to our membership, because we understand how important it is to be able to transparently express and explain the reasons for all recommendations and how they relate to the customer's objectives

7. Is your network providing practical support to help you demonstrate the value you add, over the long term ongoing relationship with your clients?  Or are they still just doing file reviews at the point of sale and ignoring ongoing servicing?

Financial Advisers know that there are many elements of their service which cliently genuinely value. This might mean they are more qualitative rather than quantitative. At ASHL, our focus for support is based on the belief that any assessment of value must consider the views of clients themselves. 

8. Is your network helping you to produce a robust advice proposition, including client segmentation, retirement propositions and investment solutions?  Or are they just leaving all of that up to you?

A firm's advice proposition process is central to demonstrating that they are meeting the new Product and Service outcome of the Consumer Duty. Across the ASHL group we work with our independent member firms, providing expert support in structuring and developing their advice propositions. Our support in this area has only increased, holding dedicated events alongide our usual, bespoke support programme. To get a flavour of how we support our firms in this area, check out our advice proposition masterclass here.

Interested to hear more about the range of support services we offer our growing community of financial advisers? Get in touch today.