At a series of recent ‘Supporting the Smart Adviser’ roadshows, 800 intermediaries took part in the research report, which was intended to measure their views and comments on a number of technology and market related issues.
When asked “What do you see as your main potential growth area in 2009?” key results included:
• Nearly half of advisers (48%) cited protection business
• 31% believed it would be in the pensions area
• 10% thought equity release
• 10% said single premium investments and 5% regular premium investments
When asked what they felt would be the ‘best performing asset class in 2009’, 44% of intermediaries chose ‘fixed interest’, closely followed by equities (42%). Both cash and property got 6% of the vote.
Given the impending increases in regulatory pressures and the enhanced efficiency which technology and ecommerce can provide to support this, intermediaries were asked for their comments on qualifications and technology usage.
57% of intermediaries said they already used a recognised back office system to store and manage client data although somewhat surprisingly, 25% still relied on basic ‘off the shelf’ spreadsheet software and 15% admitted to just ‘using paper’.
When asked, “Do you expect your firm to meet the RDR qualification requirement by December 2012?” the findings revealed that:
• 72% were confident they would meet the deadline
• 16% said they were already adequately qualified
• 8% were not confident with 4% considering a change in status or even leaving the industry altogether
