Financial advisers are getting to grips with the Retail Distribution Review (RDR), according to Aviva’s latest intermediary research. With two years to go until RDR takes effect, more than three quarters (76%) of advisers believe they will still be in business on 1 January 2013.
This figure has been climbing steadily over the last two years, and the number of advisers who believe they are unlikely to be trading in 2013 has dropped to just 10%. Two years ago, 50% thought they would still be in business, and 21% believed they would drop out.
Advisers are also making progress with preparing for RDR:
– The percentage working towards gaining further qualifications is up to 69% (from 57% in January 2009).
– Advisers adopting adviser charging is up to 52% (from 28% in October 2009).
– The percentage of advisers adopting platforms stands at 28% (up from 26% in January 2009).
And when asked which trading model they intend to operate, two-thirds of advisers (65%) plan to offer independent advice, 15% say they will offer a multi-advice model, and 6% intend to offer restricted advice. Just 15% of advisers have not yet decided which model to adopt, or intend to leave the market.
Simon Badley, director of intermediary at Aviva, said: “It’s really encouraging to see increasing numbers of financial advisers getting to grips with their RDR preparations, and giving consideration to important decisions such as which trading model they plan to adopt.
“At Aviva we want to see intermediaries survive and thrive over the coming years. We’re putting time, effort and resources into supporting advisers with their RDR preparations, including our popular FinancialAdviserAcademy, our Future Adviser Programme and our Adviser Briefings, which give intermediaries the information they need to be fully informed about future changes in our industry and help them get ready to trade successfully in future.”
Source : Aviva Press Release
