Fiona Murphy looks at the results of Retirement Planner's inquiry into RDR and finds out how advisers have survived and adapted to the reforms.
In January, Financial Conduct Authority chief executive, Martin Wheatley said he believed advisers have "generally benefited" from the Retail Distribution Review (RDR.)
Advisers had seen revenues increase and they are more professional and better qualified, the regulator added. Do advisers hold this same view or is the regulator slightly out of touch?
In this month's Retirement Planner inquiry we asked advisers and other interested parties to tell us about their experiences of how the RDR has affected how they do business.
We distributed the survey via email to Retirement Planner readers with responses received from 72 advisers overall.
In our first question we asked, are you an adviser? The majority (90%) of our respondents confirmed they are, while 10% said they were not.
First we asked, do you think RDR has had a positive effect on the industry? Here advisers were almost evenly split. A little over half (51%) believe it has been a positive change, while 46% said they didn't think this was the case. Just 4% said they were unsure.
So we invited advisers to explain their reasoning - what have been the key challenges you have faced in operating an RDR-ready business, we asked.
Most advisers said extra paperwork had been challenging - one described the amount as "massive" and "ridiculous", while another cited "wading through the bureaucratic labyrinth."
Client interactions also posed a number of challenges for our survey participants servicing clients with less wealth. One said it had been a shame to "leave behind good clients that cannot afford fees."
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