One in ten advisers are now restricted compared with one in 30 in fourth-quarter 2012, and this will increase to one in six by the end of the year, research predicts.
The number of former IFAs offering a restricted advice model increased to 10% in the first quarter of 2013 compared with last-quarter 2012 (when it was 3%), according to the research, released yesterday. NMG Consulting's Financial Adviser Census indicates this will increase further in 12 months' time, when 16% will be restricted. NMG conducts research into the advice industry on a quarterly basis. Director of NMG, David Burns, said: "These results provide early support of NMG's forecast that around 60% of the pre R-Day IFA population will be restricted by 2016. "We expect this s...
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