Adviser confidence grows year-on-year, finds poll
→ Eighty-six per cent of financial advisers are more confident of the prospects for their firm compared to a year ago and 71 per cent have a more optimistic outlook for the wider financial services industry, according to a poll conducted for Bankhall.
The research, carried out by NMG Consulting for the support services provider, also reveals that advisers’ perception of the Retail Distribution Review (RDR) has improved from when they first heard about it (when 38 per cent of respondents were positive) compared to their view of the rules now (60 per cent of respondents are now positive).
Of the respondents that initially had a negative perception of the RDR, 51 per cent are now positive about its impact. Furthermore, just 5 per cent of advisers said that clients expressed a negative reaction to the introduction of the RDR.
The poll also looked at how the RDR had impacted protection business. In response, 8 per cent of advisers said they had seen an increase, whilst 86 per cent said the new rules had had no impact on the amount of protection business written.
Commenting on the research conducted for Bankhall, Stephen Gazard, SBG Managing Director, said:
The financial advisory community has been through considerable change in recent years, but this research reinforces our view that confidence within the profession is growing. The fact that, according to our survey, only a small percentage of clients reacted negatively to the RDR will have provided advisers with a much needed boost. Many firms have been investing considerable time and energy in their businesses and it is good to see this hard work being reflected in a more positive outlook. Many advisory firms are now more robust and sustainable, which bodes well for the future.