Switching to fee-based advice has overtaken attaining a Level 4 qualification as advisers' biggest concern ahead of the RDR's implementation, research suggests.
Four in ten advisers now cite a move to fees as the biggest challenge posed by the Review, against a figure of 27% recorded this time last year, according to Aviva's latest RDR Barometer.
Meanwhile, gaining the QCF Level 4 qualification required by the RDR is now the chief concern for just 24% of advisers, compared to 33% a year ago.
Elsewhere, 22% feel switching business models from up-front commissions to recurring income is the biggest challenge, up from 20% last year.
From 1 January 2013, adviser firms will no longer be able to receive commissions set by product providers in return for recommending their products, but will have to operate their own charging tariffs.
Providers will be able to facilitate the collection of adviser charges through the product on a matched basis.
Aviva distribution director Angela Seymour-Jackson says: "Our figures show that advisers are now seeing their biggest challenges as changing business models and introducing adviser charging so they can maintain their income up to and beyond the introduction of RDR.
"It will be crucial for advisers to be able to explain the benefits of their advice service so that clients will be able to understand that it represents good value for money."
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