More than half of advisers (53%) have found the transition to the Retail Distribution Review (RDR) either smooth or very smooth, according to research published today.
The research from Zurich which questioned 460 advisers found that since the introduction of the RDR only 9% of advisers have reported major disruption to their businesses, while nearly one third (29%) think the new environment presents opportunities for growth.
This is despite 40% of those questioned saying they had changed their customer charging structure significantly, with a further 20% claiming this had involved a complete overhaul as they were not accepting fees directly.
Despite concerns regarding the potential 'advice gap', over three-quarters (78%) believe their customers are either accepting, or very accepting of the new model. In addition, 71% are confident that their customers will continue to use their expertise for financial advice and planning in the future.
This confidence is also reflected in the responses to questions about the financial impact of the RDR, where over a third (36%) of advisers surveyed do not believe it has had a negative impact on overall revenue so far.
However, 69% think levels of regulatory costs on advisers are too high and don't reflect the risk an advisory business poses to consumers, with only a quarter seeing the costs as fair and proportionate.
Zurich UK Life intermediary sales director Richard Howells said: "Though it is still early days since the introduction of the RDR, these findings paint a positive picture of agile advisers operating in a new and challenging environment.
As business models and income streams are shifting - advisers are having to embrace new ways of doing business. It comes as no surprise to me that many are rising to the challenge - with nearly a third seeing the RDR as presenting new business opportunities.
"We remain fully committed to the adviser market and to investing in supporting them. Our retail platform is just one example of how we are actively engaging with advisers and building their feedback into delivering a solution to help them operate even more effectively in this new world."
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation