Personal Pension  

Pensions advice booming post-RDR: Rowanmoor

More than half of advisers have seen an increase in advisory activity post-Retail Distibution Review, the results of a snap survey by Rowanmoor suggest.

In a series of workshops across the country Rowanmoor, provider of small self-administered schemes and self-invested personal pensions, found that 53 per cent of approximately 200 surveyed advisers had seen business pick up since January.

Of those surveyed about 85 per cent of them are IFAs operating under the new regulatory rules.

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Rowanmoor claims this is in line with recent figures published by the Financial Conduct Authority showing an almost 6 per cent rise in adviser numbers since the start of this year.

When asked what the biggest issue facing small business owners, just over a third of respondents identified the potential negative impact of auto-enrolment on small businesses as one of their biggest concerns. Almost one in four pointed to the reduction in lifetime and annual allowance, Rowanmoor found.

Robert Graves, head of pensions technical services at Rowanmoor Group, said: “The advisers we met had a generally positive view of the industry post-RDR which is encouraging and supported by the recent FCA research revealing that advisers have re-entered the market since the implementation of RDR.

“Although these workshops were designed for financial advisers wishing to develop their understanding of the Ssas market, the group wanted to take this opportunity to find out more about advisers’ most pressing concerns.

He added: “The reduction in lifetime and annual allowance from 2014-15 is evidence of another moving goalpost and a further protection regime to adapt to; we understand that it is difficult for advisers to help people provide for their future when the goalposts are moved as often as they are.”