Despite the best intentions of PROD, many of which exist to protect the financial planner, the troubles with it are manifold. From problems of perception to issues with implementation, PROD has provoked an industry-wide outcry against what is seen as a ruling borne out of punitive mistrust. We would urge you to see this more as a formalisation of expectations and a robust and compliant template within which to deliver advice moving forward.
Although the regulator has been relatively generous with its low-key legislative approach to PROD, it is clear that it is gearing up to use it in a multi-pronged assault on the industry, both in terms of compliance and competition, and time is running out for advisers who wish to remain either oblivious or impervious to it. Implementing it at this stage will help you not only meet the regulatory requirements but will also assist you in clarifying and potentially improving the value you offer to your clients.
With widespread rumblings that the industry has lost its competitive edge, PROD is a tool designed to push you to be as proactive as possible in delivering the very best value to your clients. Superlative product selection, manufacturer and client analysis may seem like petty hoops to jump through (again), but don’t make the mistake of thinking that PROD is just a box-ticking exercise. At this stage of the game, it’s a preface to a wider assessment of just how much better you can become.
For more information on PROD, and how best to use it to your advantage, see below for a link to download our guide. https://cleveradviser.pages.salesfusion.com/PROD-guide-download
About George Cliff
George joined CleverAdviser straight from University in 2013. As a Pre-Sales Technical Manager, it is George’s duty to provide technical assistance and expertise to both the business and its prospective clients during the pre-sales process.
He is also responsible for the production of all investment analysis and reporting required of the Clever system during the pre-sale process, and is readily available to answer any technical questions that may arise.