Analysis released this week rather startling:
Results from MyTouchstone, the market leading IFA database, seem to suggest that IFAs are still being slow to change their business models in preparation for RDR.
Neil Cunningham, Director & General Manager, MyTouchstone, commented: “There isn’t much time left until IFA firms need to be completely RDR Ready, yet the signs from this data suggest there’s still considerable work to do”
“We expected to see a real acceleration in firms changing their business models in preparation for RDR but the data we’re seeing suggests otherwise.”
IFA Magazine would love to hear your comments and thoughts. How do you compare? Will 94% of IFAs get themselves RDR ready in time?!
Results and tables from the survey below:
4,706 IFA firms participated in the RDR survey. Of these 5.2% confirmed that their firm is already RDR Ready. To be classed as RDR Ready, each participating firm had to meet ALL of the following conditions:
- Over 75% of income generated by fees
- At least one adviser qualified to QCF Level 4
- Meet the FSA capital adequacy requirements
- 100% of advice provided on an independent/unrestricted basis
The biggest obstacles for the firms who are not as yet RDR Ready are:
Qualifications (UK Wide)
6,556 IFA firms and 7,959 individual advisers participated in the Qualification survey. Of these, 30.9% of firms have all their advisers qualified to at least QCF Level 4.
41.4% of advisers are already QCF Level 4 Qualified.
The most popular Professional Bodies selected by IFAs were:
The most popular Qualifications selected were:
The top 10 locations for QCF Level 4 qualified advisers are:
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