Nearly nine out 10 of advisers now say they expect to be in business on 1 January 2013, according to new research from Aviva.
The company’s latest Adviser Barometer found that 89 percent of advisers think they will keep trading after the RDR deadline, with only four percent saying they are likely to leave the market. However, concerns over the coming reforms persist with 40 percent of respondents citing remaining profitable as their biggest worry. This figure has grown from 31 percent in May 2011.
The research also revealed the steps being taken by advisers to prepare for life post-RDR. Nearly 70 percent said they were adopting client segmentation to provide different levels of service to different clients. Almost half of respondents are raising investment in their business, while 32 percent said they planned to increase the use of technology.
Commenting on the findings, Aviva director of distribution development Dean Lamble said: “The Retail Distribution Review is one of the biggest changes we have seen in the financial services arena for many years. Therefore, the signs that intermediaries are not just meeting the challenge but also using it to as an opportunity to future-proof their livelihoods is great news.
“The commitment to recruiting new staff and investing in aspects of their businesses shows that despite the current economic climate, they have faith in the potential of the market and consumers’ desire for good quality financial advice. The form this advice will take depends on the type of consumer and many advisers are looking at segmentation of their client bases to address specific needs. The use of technology will be integral to the development of robust IFA businesses in a post-RDR world and we are keen to understand how we can help advisers with this challenge.”
Tags: Aviva | IFA | Platforms | Retail Distribution Review