Investment advisers are still heavily reliant on income paid through commission, according to the latest research by the Association of Professional Financial Advisers (APFA).
The trade body's annual adviser market study, published in April, suggested some 38% of retail investment advisers' income was made up of net commission in the last year. The research, which took data from the Financial Conduct Authority (FCA) including advisers' regulatory reports, found the industry had generated £2.53bn in investment revenue in 2014. Of this, £972m was generated from commission, £1.48bn from fees and £85m from other income. However, the figures showed advisers' reliance on commission income had waned in the second year following the Retail Distribution Review (R...
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