Your IndustryApr 26 2012

Adviser Attitudes: Adviser Profile

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ByNicola Culley

There are: Wary sceptics making up 18.2 per cent, cautious optimists at 38.3 per cent, 20.4 per cent representing jack-of-all-trade advisers and 30 per cent dynamic profit seekers.

The optimistic jack-of-all-trades have higher client numbers, while cautious optimists and buoyant profit seekers stick with average levels, the research stated. The sceptics were very uncertain with fewer clients.

Six in 10 advisers were RDR-qualified as independents and “much improved” from the 44 per cent last year, according to CoreData’s executive summary.

Ben Smaje, managing director of London-based Kennedy Black Wealth Management, said he was a dynamic profit seeker. He said RDR was a real game changer, was ready and very optimistic.

Mr Smaje said advisers he meets seemed almost there too, adding: “I only hear anecdotal evidence of exiting, struggling advisers and usually from providers.”

Of the advisers surveyed, 65.6 per cent had from 16 to more than 25 years’ adviser experience - the industry average was 19 years.

Post-retirement and pre-pensioner clients each made up 25 per cent of client database for 24.9 per cent of advisers.

Proportions of at retirement clients and older accumulators were not far behind. Each approximately accounted for 20 per cent of adviser database, for 20.8 per cent and 21.8 per cent of respondents respectively.

And according to MetLife research, 56 per cent of advisers reported more retired-client business compared with previous years.

Kennedy Black clients are typically young professionals taking more responsibility for retirement between 35 and 45 years old.

Mr Smaje said: “Many advisers focus on the at retirement market and you can see why. But I have positioned myself in a market that is not well served.”