“The main drawback appears to be that advisers find them too limiting,” says Alasdair Wilson, investments techspert at The Verve Group. “But I believe this is just a misunderstanding that every client has to go via the CRP process, which isn’t true at all.
“In the same way as a CIP, you cannot cover every eventuality regarding client goals and needs; this kind of documentation is just to cover the client segments, which can feature some degree of repeatability in terms of processes.
“There could also be some suggestion that clients could be shoehorned into solutions that aren’t ultimately suitable; however, a well-constructed proposition should leave allowances for where the solutions in the CRP aren’t ultimately suitable for the end client.”
The case for CRPs
Having a framework that enables companies to deliver robust retirement advice consistently and at scale is essential, says Justin Blower, director of sales at M&G Wealth Platform.
“In the heavily regulated world of financial planning, treating customers ‘fairly’ is synonymous with treating them ‘consistently’. Using a framework also helps to demonstrate your process to the regulator as well as your clients,” Blower adds.
Read more in our FT Adviser contribution here.
Group News Latest News Popular
Introducing our latest whitepaper…
We all saw the FCA’s thematic review into Retirement Income Advice back in January 2023 – it’s more important than ever for firms [...]
Eclipse Archives Industry Insight Popular
What’s your mastermind subject?
I’m here to talk branding. Anyone who knows me knows it’s my Mastermind subject. And, if you don’t know me, I’m Natalie Bell, [...]
Eclipse Archives Industry Insight Latest News Popular
URGENT: LTA Abolition
HMRC kindly issued a newsletter on 4th April advising clients to delay taking their pension benefits or transferring until it can fix incorrect [...]
Group News
Say hello to our trainers!
As part of our ongoing commitment to excellence, we’ve recently welcomed an awesome duo to our training dream team. We introduced a new [...]
Latest News Popular Press
Spring Budget 24
The spring budget comes and goes with no major changes to the world of financial planning. There are however some announcements and changes [...]
Eclipse Archives Group News Latest
Common ‘Training’?
I can’t get Pulp’s ‘Do You Remember the First Time’ out of my head. I’m pretty sure that Jarvis had other things on [...]
Eclipse Archives Industry Insight Latest
Stellar Compliance
You may have spotted that this week we hosted our monthly TALK event, and this month we were joined by Gillian Hepburn, Benchmark, [...]
Group News Latest
And who do we have here?
We have yet more exciting internal news to share, following a shake-up in a section of our client relations department – with two [...]