Available for AIFA members to use now, the first phase will allow IFA firms to begin the process of assessing their business and planning for transition. The tool, available at www.aifaffwd.net, will ask members a number of questions on subjects ranging from business strategy through to client segmentation and servicing.  Once completed, the site will generate a business action plan. This will help businesses assess their current status and map the activity needed to become a RDR-ready organisation. Tools are free to use for AIFA members.

Chris Cummings, director general of AIFA, said: “The RDR consultation paper, published two weeks ago, posed some serious questions for IFA firms. Every firm now needs to review its business model and operations to ensure that it uses the period between now and the end of 2012 to make any changes necessary. For many IFAs the Financial Services Authority’s proposals endorse the journey toward higher standards of professionalism, more transparent remuneration and client focus they had embarked upon. The requirements are now specific, so today is the day to check your firm can meet and even exceed the demands of the RDR.

“We would urge our members to sign up and make assessment of their business model the first step in their transition programme. The process should not be underestimated and for some it will take years to complete. We believe that the tools we’re providing can be of enormous benefit to our members in meeting the challenge.”

The main launch for the complete service will take place in September 2009.