Adviser Attitudes - April 2012

Published by Financial Adviser | Apr 26, 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