"I hope you are keeping well?

"We have been kept very busy by the impending Retail Distribution Review, "RDR" as it is commonly referred. This is regulatory framework that comes into place in the UK on 1st January 2013. Essentially it is aimed at improving client outcomes by raising the professional standards of financial advice and giving the client greater clarity over pricing. The FSA will essentially remove the initial and trail commissions paid to financial advisers. Post 2013, advisers will charge fees and clients will be expecting to know exactly the services they are paying for. It is thought that this will lead to more advisers outsourcing investment management to discretionary fund managers, such as ourselves, and maybe more DIY - perhaps more Fullermoney subscribers? Whilst this is very much UK orientated, I would be interested to know how financial advice is changing around the globe given your global reach in subscribers.

"Blogs - I attach my two recent blogs which I now produce on a regular basis for two trade magazines - Professional Adviser and Portfolio Adviser. I have their permission to publish to a wider audience."

David Fuller's view I am well and thanks for your informative comments on the UK's "RDR", plus your ever-interesting articles.

Anything which increases clarity in the financial industry sounds like progress to me. Regarding "more DIY - perhaps more Fullermoney subscribers" - from Sovereign Wealth Funds, to investment managers such as yourself, to HNW private individuals - they are all hands-on investors who make their own decisions.

I have always enjoyed John Husselbee's occasional reports and find that these two: "April Is the Cruellest Month" and "No Time for a Mars Bar" are in line with Fullermoney's views.