SimplyBiz says many nationals and networks may be forced to become restricted advisers but the support service firm will continue to champion independent advice.
Research conducted by SimplyBiz in March suggests only 3 per cent of the firm’s 5,000 adviser members want to offer restricted advice. It believes that remaining independent after the RDR will not be as challenging as some predict.
Chairman Ken Davy says many nationals and networks could be forced into taking the restricted advice route after the RDR but his members are set on remaining independent.
He says: “We are determined to nail the myth that IFAs are not bothered about what type of advice they give. Restricted advice will mean more expensive products and less choice. We want to make sure that all our advisers have the right tools to offer independent advice.”
The firm is offering its advisers a series of free tools to help them remain independent after the RDR, including risk modelling software, analysis of holdings, budget planning tools, structured product research and passive investment research.
Managing director Matthew Timmins says: “Remaining independent will be difficult for the big nationals and networks and for commercial reasons they have a vested interest in restricted advice.
“Our commitment is that for those firms that want to continue advising their clients in an unrestricted way, we will ensure that they are able to do so in the most efficient way.”
KS Barrett and Associates proprietor Kim Barrett says: “It is very contrite for SimplyBiz to hail itself as the champion of independent advice. To my knowledge, there are many firms which are champions of independent advice.
“It is all well and good having independent advisers that are QCF level four educated with great tariffs but if the client is not prepared to pay for the service, then what is the point?”