It is looking for firms to be able to talk about their target markets and about their pricing approach, proposition, planning and desired outcomes in each. This framework offers the chance to industrialise the processes that can be automated, leaving advisers free to personalise their interactions to the extent that the proposition and price allows in each segment.
Embedding target markets into your proposition and technology enables firms to tailor communications, deliver services and monitor and review outcomes for clients in a way that was not possible even a few years ago.
While the consumer duty will mean every firm will have to hold up a mirror to their proposition and pricing, the finalised guidance also provides in target markets a powerful framework to deliver solutions that are profitable for the end client, and for the firm.
Ben Goss is chief executive of Dynamic Planner
