View more on these topics

Adviser business forecast to fall in focus on RDR

Legal & General predicts reduced adviser activity for the rest of the year and into 2013 as advisers focus on RDR business transformation.

Chief executive Tim Breedon says the firm will be focused on growing its workplace proposition and increasing its building society tie-ups. It already has partnerships with Nationwide, Bradford & Bingley and Yorkshire.

L&G first-quarter results, revealed last week, show a 27 per cent year on year fall in new investment business from £10.3bn to £7.6bn and a 6 per cent drop in new savings business from £320m to £300m.

Individual protection business rose by 9 per cent from £33m to £36m but group protection business fell by 20 per cent from £15m to £12m.

Individual annuities rose by 18 per cent from £22m to £26m while with-profits new business dropped by 22 per cent from £36m to £28m.

The firm predicts the start of auto-enrolment for big firms from October will increase schemes and assets under administration. It says it will have a potential auto-enrolment population of 415,000 members compared with 350,000 for the 2011 financial year in addition to existing scheme members secured.

Breedon says: “We anticipate preparation for the RDR will reduce adviser activity for the rest of the year and the early part of 2013 due to the need for advisers to transform their client business models and processes.”

Axxis Financial Planning director Owen Wintersgill says: “There are other factors that could lead to increased adviser activity, such as a recovery in the housing market, but some advisers are leaving exams to the last minute so they are likely to be off the road in the run-up to the RDR.”

Recommended

Sesame integrates Iress system with Avelo

Sesame Bankhall has integrated its portal of choice, Avelo, with its new Iress-powered practice management system. Australian technology provider Iress’s software programme, Xplan, provides front, middle and back-office support. Sesame first announced the agreement with Avelo in November. Sesame says the integration of Xplan with the Avelo Exchange Portal will help streamline the process advisers […]

Point of difference

The absolute return category is growing in popularity but also in complexity, making it difficult to compare funds like for like, says Gregor Watt

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com