The number of advisers planning to exit the market completely as a result of the RDR and fresh capital adequacy requirements is rapidly decreasing, a survey suggests.
A survey of members by the Chartered Insurance Institute (CII) and Personal Finance Society (PFS) found only 12% of respondents said they will press ahead with plans to hang up their boots for good in 2012.
The CII study contradicts numerous reports over the last 12 months, some of which predicted adviser numbers would dwindle by as much as half as a direct result of the introduction of the RDR.
Elsewhere, the report suggests more advisers anticipate achieving further qualifications in the next three years, again challenging forecasts.
"It is great news an increasing majority (73%) of respondents envisage furthering their qualifications. This is up from 70% in the last survey," says David Thompson, CII director of policy and public affairs.
The survey, conducted by Ernst and Young, is the fifth in a series on the RDR and looks at practitioner attitudes to the review.
Thompson says many advisers are already taking action following the FSA's 'no regrets' declaration on improving qualifications.
While there are mixed views about the timescales for implementing the RDR by the end of 2012, the qualifications element is viewed as 'tough but achievable', according to the survey. It found 21% think qualifications will be 'achieved by most'.
Elsewhere, it found three in ten respondents believe the RDR will devalue their career prospects.
"Those who believe the RDR will leave them worse off must act now to think about how they can turn this around to their advantage," Shaun Crawford, head of insurance advisory at Ernst & Young, says.
"For some, it may mean diversifying their client base or specialising in certain elements of advice. For others, it may mean joining forces with other more specialist IFAs to provide their customers with a wider range of advice."
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