The survey from Tenet showed a year ago, 12 per cent said they were planning to exit the industry. Now that figure has halved, to six per cent.
Tenet’s distribution & development director, Keith Richards, said the greater clarity offered by the FSA’s DP10/2 paper, published in March of this year calmed many advisers.
Responding to the survey, more than two thirds (69 per cent), stated they would continue to offer independent advice. Only three per cent were contemplating operating on a restricted basis, with 22 per cent saying they would consider both.
A much larger percentage of 90 per cent confirmed they would continue conducting investment business after 2012, with just four per cent switching to a non-investment portfolio.
But when asked to name their main concern surrounding RDR the vote was not quite so decisive: with qualifications (47 per cent), topping the list, closely followed by remuneration (40 per cent). Prudential rules accounted for just 13 per cent.
“There is still a high level of confusion in the market about what is actually required, but issues such as adviser charging are becoming less of a stumbling block for many firms as they get to grips with the various mechanisms available,” continued Richards.
“Major challenges remain however and the costs of full RDR compliance must not be underestimated. At Tenet we are encouraging our clients to focus their attention on aspects they can influence, rather than worrying about those they can’t.”
