Advisers' confidence is growing, according to the latest intermediary research from Aviva. It shows fewer advisers say they will leave the industry, due to forthcoming market changes including the retail distribution review (RDR) and capital adequacy, than at any time over the last two-and-a-half years.
Aviva's research also shows that advisory firms are making good progress getting their businesses ready for RDR. More than two-thirds of advisers (69%) are changing their business models, with three-quarters (74%) introducing different service levels for different types of client.
More firms (71%) plan to offer independent advice, up from 65% in December 2010, with fewer firms planning to offer restricted advice or a multi-advice model.
As more advisers work towards their qualifications, the focus of their concerns is shifting towards the financial reality of running a business post-RDR. Qualifications are now less of a concern (39%) than worries about remaining profitable (47%), adopting adviser charging (44%) and applying VAT to the new charging model (40%).
Dean Lamble, director of distribution development at Aviva said: "It's encouraging to see growing adviser effort and confidence as the RDR deadline moves ever closer. 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.”
