Wealth managers unprepared for RDR

A survey by J.P.Morgan Asset Management polling 23 portfolio management-focused wealth managers found just 9% have advisory staff fully qualified to RDR levels. Over one third (35%) have less than 50% of staff meeting the required standards. "I think it is fair to say most wealth managers have only recently realised how much the RDR impacts them, as many felt that it was mainly an IFA issue, little recognising that everyone involved in the advice process is captured by the regulation," says head of UK retail sales Jasper Berens. The report also throws light on the sector's confusion s...