Your IndustryApr 26 2012

Adviser Attitudes: Post-RDR Positioning

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ByNicola Culley

But expectations dwindle when asked about professional standing over the longer term.

In three to five years only 60 per cent believed they would be in the same position.

And simultaneously, there was a jump from 4.5 per cent stating they were not sure where they would be at the end of this year, to 17.6 per cent not knowing what to expect in three to five years’ time.

Post-RDR, 73.1 per cent of adviser respondents intended to remain independent.

Intentions to operate on a restricted model have increased from 8.1 per cent last year to 14.5 per cent this year.

There was also a decrease in uncertainty.

According to the research, the proportion of advisers planning to leave the industry altogether equates to 1920 advisers compared to 2780 last year, assuming the number of active UK financial advisers is 20,000.

The statistics show currently 62.2 per cent are RDR-ready with 31.1 per cent working towards it.

Fay Goddard, chief executive of the PFS, said the figures tied in with the society’s research showing a majority were remaining firmly independent, and were either RDR-ready or close.

She said: “The actual number that will leave should be considered against the number that historically left the industry pre-RDR.The CoreData numbers are very encouraging if numbers that were planning to leave the industry altogether have decreased.”

The CoreData research further showed 3.5 per cent were not ready and hoped grandfathering would return, while 2.8 per cent planned to move into a non-advisory role.

Ms Goddard said those hoping for grandfathering would come back or significant changes were “very disillusioned”.