Sarah Spence


Are you receiving independent advice?

As the retail distribution review (RDR) fast approaches one North East company is urging all those who seek financial advice to ensure they fully understand the services they receive and the costs involved.

From 31 December 2012 the new regulations will make a number of changes to the financial advice industry. One major change is that financial advisers will be obliged to describe their services as either “independent” or “restricted”.

Financial Advisers that provide ‘independent’ advice will be able to consider all types of investment products that might be suitable. They can also consider products from all firms across the market. An adviser will have chosen to offer ‘restricted’ advice where they can only consider certain products, product providers or both.

Advisers will have to clearly explain whether they are offering ‘independent’ or ‘restricted’ advice and what they can advise on. CDC Wealth Management, based at theNorth East Business and Innovation Centre (BIC), is committed to remaining independent enabling them to carry on offering impartial advice tailored to their customer needs.

Formed over six years ago offering a range of services for high net worth private individuals, families and trusts, CDC Wealth Management has grown from two to six employees and has a strong presence in Edinburgh as well as the North East. Alister Gaines, Director at CDC Wealth Management, said:

“We believe that RDR will not impact our overall aims and we will continue to provide independent advice which is tailored to our customers’ needs. It is with that in mind that we want to ensure those that seek financial advice have a true understanding of the services offered by their adviser, whether they are receiving independent or restricted advice and what charges are associated with these services.

“We recommend that clients ask their adviser whether they have chosen to offer independent or restricted advice. It is also important to ask how they will be charging you and what services you they will provide for that fee.

“Since the company was formed, CDC’s aim has always been to work as a trusted partner to deliver independent financial advice which continually exceeds our customer expectations. We do this by building long term relationships with our customers and by understanding their needs we can deliver innovative and tailored made solutions.

“We believe that the key areas of RDR are in the best interests of both customers and firms, therefore our business has been designed with these areas in mind.”

For further information on CDC Wealth Management you can contact Alister Gaines on 0191 516 6812 or visit

This was posted in Bdaily's Members' News section by Sarah Spence .

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