Cofunds has revealed that less than 10% of advised clients on its platform are currently associated with a fee-based remuneration model.
Verona Smith, head of proposition at the company, said there were around 400,000 advised clients on the platform, of whom only 37,000 were currently associated with a fee model.
She told a panel discussion at the Chartered Institute of Securities and Investment yesterday: "That's a lot of clients that, between now and RDR implementation, need to be contacted and moved to a fee model.
"Advisers have to speak to every one of those clients to get them to agree to any move. So it's going to be one of the hardest parts of RDR implementation."
To help advisers with the transition from commission to fees, Cofunds has launched a series of workshops on the topic with tax experts Grant Thornton.
The first of 16 workshops will take place in Glasgow on 5 October with the VAT and client segmentation among the main areas covered.
Find out more about the workshops here
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