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Benchmark survey suggests minority will miss deadline

Nearly 8 per cent of firms participating in the Money Marketing RDR benchmarking survey did not have all of their advisers who wanted to remain in the industry qualified to QCF Level 4 by the start of December.

The figures are much lower than the 28 per cent without the required RDR qualification in May and 23 per cent in August but still suggest a number of advisers will have to deathorise and then reapply for reauthorisation.

Most firms expect to remain independent although this is down slightly to 81 per cent, compared to 86 per cent in May.

For advisers who had broached the subject of charging with clients, 85 per cent compared to 60 per cent in May, the vast majority had a 100 per cent success rate with only 11 per cent reporting a success rate of below 50 per cent.

Based on the reported assets under management and annual fees, just under half the firms surveyed would earn more next year from annual fee income than they earned from all revenue sources in the previous year.

On average each registered individual is supported by 1.4 support staff and looks after 118 clients, each of which has an average investment pot of £189,316.

The survey has been carried out in conjunction with Standard Life. RDR distribution development director Neil Denton says: “This survey is an important indicator for advisers of their state of readiness for RDR and the new advisory market that will emerge.”

For full survey results contact julie.minett@centaur.co.uk

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