Aviva Predicts Smaller RDR Exodus
Posted on:
28
Jul
2011
by Huw Thomas
More advisers are planning to stay in the business after the Retail Distribution Review, according to new research from Aviva.
Just seven percent of IFAs now say they intend to leave the industry, compared to 10 percent in December 2010. The current figure is the lowest for two and a half years.
The research also showed that adviser firms are making good progress in preparation for the RDR, with 69 percent changing their business models and 74 percent introducing different service levels for different types of client.
Achieving the necessary qualifications is now seen as less of a concern than before, with only 39 percent citing it as an issue. However, 47 percent have worries about remaining profitable, while44 percent are concerned about implementing adviser charging. Applying VAT to the new charging model is also cited by 40 percent as a potential issue.
“It’s encouraging to see growing adviser effort and confidence as the RDR deadline moves ever closer,” said Aviva director of distribution Dean Lambie. “We’ve seen membership of the Aviva Adviser Academy increase to over 10,000 this year as advisers study hard for the new qualification to meet the RDR requirement. The increase in confidence is down to all the hard work advisers are putting in, getting to grips with RDR requirements and preparing their businesses to trade after 2012.”
