Peter Hargreaves, the outgoing chief executive of Hargreaves Lansdown, believes smaller investors will struggle to get advice post-RDR.
He hopes this will benefit the group's fast-growing Vantage platform, which has added 48,000 users in the past six months, bringing its total to 330,000.
Hargreaves Lansdown today reported profits increased 18% to more than £86m in the year to 30 June as net business inflows and assets under administration soared.
Co-founder Hargreaves remains pessimistic about some aspects of the RDR: "The Review is likely to be bad for the entire retail investment industry," he says.
"Everyone will have to tighten their belts. That said, we believe the Vantage model will not offend RDR sensibilities."
To date, he believes the growth in the Vantage platform has been driven by investors moving money from low-paying deposit accounts.
He says: "They have realised they can't live off deposit interest and so people are buying stock market investments with higher dividend yields."
The next growth area for the group is likely to be its corporate Vantage platform. This is being rolled out to companies, who can brand it as their own platform and will enable staff to buy Isas, shares and make pension arrangements.
This is Hargreaves' last set of results as chief executive, with current deputy CEO Ian Gorham stepping in to replace him. He will retain a consultancy position at the group, adding: "I will try not to interfere, but I will be there for people to bounce ideas off."
Hargreaves will retain his full shareholding in the group. He has yet to sell a share since the group's flotation in 2007.
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Via The Exchange
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