Just 3.4 per cent of advisers say they will be leaving the industry by the end of the year, according to Aviva, a new sponsor of the Institute of Financial Planning. The latest Aviva Adviser Barometer found the majority of advisers were embracing the changes brought about by the RDR. Earlier figures in May 2010 had found as many as 29 per cent were intending to leave by 31 December 2012. More than half of advisers intend to take fee payments via provider facilitation while 15 per cent say they will take payments via a platform account.
Charging options varied with 60 per cent intending to offer a mix of fees as a percentage of initial investment and percentage of funds under management. Some 27 per cent were intending to offer an hourly fee. It is not only the RDR advisers have to contend with, capital adequacy requirements come into force in December 2015 but over half of advisers have indicated that they are already meeting these requirements. Andy Beswick, intermediary director of Aviva, said: "We haven't yet seen advisers exit the market to levels previously predicted, this is good news as it means professional financial advice will remain more accessible to more customers. "Advisers do face greater challenges though and getting past the RDR deadline is only the start. The industry is adapting but there is real opportunity to go one step further and embrace change."
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