Adviser Attitudes - April 2012
The retail distribution review does not seem to be having too detrimental an impact on financial advisers, according to the Coredata/Financial Adviser Adviser Attitudes survey.
Many expect to stay in their current position, at least in the short term, and nearly three-quarters plan to offer full independent advice post-RDR.
But if one thing stands out from this year’s survey, it is the importance financial advisers place on looking after their clients. The biggest issue advisers face is servicing their clients, with 21 per cent saying it is their most pressing business need. And the relationship with their clients is the strongest aspect of their business
As many as 86 per cent see their role, and their strength in explaining investment concepts to clients, and 85 per cent are proud of their ability to understand their clients’ attitudes to risk.
But perhaps what is more surprising, despite advisers’ claims that understanding general investment market conditions, more than one in ten still do not use a platform.The worst adopters of platforms are advisers in northeast of England, where only 68 per cent of them using the technology, followed by Northern Ireland, with a 73 per cent take-up.
Above all, financial advising appears to be one of the most rewarding careers, with nearly a third of advisers having been in the industry more than 25 years - the industry average is 19 years. Something still needs to be done about new entrants to the sector - only 3 per cent have spent five years or less as a financial adviser.
If there is something encouraging about this year’s survey, it is that advisers are a steady sector, and despite the huge changes about to greet them, they appear to be facing up to them, and not rushing for the exit.
Melanie Tringham is features editor of Financial Adviser
IN THIS REPORT
Client-centric responsibilities have come out as the main thrust of what advisers consider their strengths, the CoreData research has shown.
One in 10 advisers are still not using a platform, the CoreData survey has shown.
Clients and profitability lie at the heart of adviser doubts and worries, research has shown.
There are four types of adviser profiles as they look to 2012 and beyond, according to CoreData research.
An overriding majority of 85.8 per cent of advisers expect to be in their current role by the end of 2012.
The majority of advisers will be remaining firmly independent post-RDR, CoreData’s research into adviser attitudes has shown.