Adviser exits over Covid-19 could dwarf RDR figures - CoreData

Fifth of advisers predict mass-exodus

Jenna Brown
clock • 1 min read

The Covid-19 pandemic could result in more advisers leaving the profession than the Retail Distribution Review (RDR), according to a fifth of intermediaries surveyed by CoreData.

A survey of 250 UK advisers by CoreData Research found a fifth (19%) believe the coronavirus pandemic and resulting national lockdown will see more advisers quit the profession than the landmark regulation overhaul. The survey said 19% of advisers predicted the mass-exodus. Adviser numbers dropped "by several thousand" in the run-up to the introduction of RDR on 1 January 2013, according to Financial Conduct Authority data. Advisers with a 30-year track record were even more pessimistic about the current pandemic, with 33% predicting larger coronavirus-related exits compared to RDR, C...

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