The majority of advisers are unclear how the Retail Distribution Review (RDR) will affect their business, according to a survey conducted by BlackRock.
In a study of 88 advisers, 57% said they were "unsure" of the impact that being either ‘restricted' or ‘independent' would have on their business.
However, the survey, conducted by The Ideas Lab and NMG for BlackRock in July, revealed that the majority of those asked felt it would actually be "more important" to become a chartered or certified planner than an IFA in the next five years.
With the implementation of the RDR only a few months away, 61% of advisers said they still did not feel prepared for January 1, according to the survey, with 87% admitting that they were yet to finalise future client propositions.
It was not just the majority of advisers who were struggling to be ready for the RDR, according to the survey only 12% of those asked said their clients were even aware of the new regulations coming into force.
A lack of awareness by the client and consumer has been addressed by the FSA which, earlier today published a six-page document for consumers detailing three key areas of 'improvements' to the industry, with consumer told they will 'know how much advice will cost', 'know what you are paying for' and 'get improved professional standards'.
Tony Stenning, head of UK Retail at BlackRock, said: "With under 130 days until RDR takes effect, many advisers and investors are still wrestling with what the new regulations will mean and how they should act.
"Some advisers are clearly racing to complete the minimum required qualifications, but this is potentially drawing their attention away from transitioning their businesses and communicating potential changes to clients."
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