Advisers are most concerned about keeping up with regulatory and legislative changes and reducing the administrative burden, claims research from MetLife Europe.
In a survey of 100 advisers, carried out by George Street Research, MetLife - an affiliate of the US-based insurance organisation of the same name - says most advisers are worried about the burden of complying with regualtory and legislative change.
The research shows 47% of advisers are most worried about legislative changes, while 44% worry about keeping up to date with recent changes in order to offer clients the right advice.
In addition, MetLife says 40% of respondents feel reducing administration is a key priority, while 32% tend to worry most about implementing robust compliance procedures, and 27% also place cost-cutting as a key concern.
However, only 16% of the IFAs surveyed nationwide believe sourcing good business leads is a top concern, and just 15% think ensuring IT systems are effective is the most pressing problem over the next 12 months.
Although the findings also show IFAs are least concerned about retaining key staff - with 40% suggesting this is their least problem - 30% are not worried about the age of their client base, and 11% are unconcerned about the potential for market volatility.
Paul Shallis, chief operating officer at MetLife, which is based in Ireland and delivers its products and services in the UK solely through financial advisers, says compliance with regulatory change is a huge burden for advisers.
He adds: “It’s a perpetual focus to maintain the right procedures but this comes at a price, both in terms of management and IT cost. We believe providers must make a clear commitment to advisers to deliver innovative products and IT support which reduces the compliance burden.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
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