Ken Scott, head of investment solutions at Royal London
As firms continue to adapt to Consumer Duty, advisers are now expected to build solutions around client goals. For some, this means changing their approach to put customer objectives at the forefront of the planning process.
Ken Scott, head of investment solutions at Royal London, explains how the mutual adopts a client-centric approach, building propositions around the client. Scott goes on to explain that its crucial to understand customers particular circumstances and factor them into product design. "This means either offering a range of products, or a single product that offers flexibility," he says, adding this must also consider a customer's level of financial understanding: more complex options can lead to confusion and may not add value for customers if they are not suitable.
To find out more about meet Consumer Duty requirements, access the new Spotlight guide from Professional Adviser, produced in association with Royal London.
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