View more on these topics

Half of advisers continue to serve clients with less than £50k

Advisers continue to service lower value clients but admit to doing so at a loss.

Almost half of advisers continue to service clients with less than £50,000 but many admit to doing so at a loss, research suggests.

Aviva’s latest Adviser Barometer, which surveyed 1231 advisers in September, found that 46 per cent of advisers polled work with clients with less than £50,000, while 36 per cent have no minimum investment level. A further 19 per cent require clients to have a minimum of £50,000 to provide pension and investment advice.

Over 55 per cent of advisers said they had seen no significant change in the number of active clients post-RDR, with 28 per cent seeing an increase and 17 per cent seeing a decrease. 

When asked what was the main source of new clients, 52 per cent said it was due to new clients to the market, 29 per cent said it was due to picking up former clients of other advisers, and 20 per cent said it was due to picking up ex-bank and building society advice customers.

Some 59 per cent of advisers have adopted a combined charging structure based on initial and ongoing charges based on the level of investment, and 83 per cent of advisers polled have chosen to provide independent advice.

Some 48 per cent of those polled reporting concerns over regulatory levies, up from 44 per cent last year.

Skerrits head of investment Andy Merricks says: “The writing has been on the wall for quite a while for less wealthy clients and the RDR has finished off the idea of good advice for all. Those clients who can’t or won’t pay the fees will probably end up missing out.”




B&CE calls for auto-enrol charging standardisation

B&CE, the provider behind auto-enrolment scheme The People’s Pension, says all providers should adopt the same charging structure to make it easier for people to compare rival propositions. The pensions industry has come under growing pressure from politicians and industry commentators to improve transparency of costs and charges in recent months. The Office of Fair […]


Treasury floats £100k Isa cap and cuts to pension tax-free cash

The Treasury has consulted with financial services firms over the impact of imposing a £100,000 cap on the amount savers can hold in Isas and is said to be looking at reducing the amount of pension tax-free cash. The Sunday Telegraph reports that officials have explored the impact of a cap on Isas, with one […]

Natalie Ceeney 05

Look behind the numbers: FOS says high complaints volumes aren’t always bad

Financial Ombudsman Service chief executive Natalie Ceeney argues high numbers of complaints against banks and other firms are not necessarily a bad thing as firms can learn how to handle complaints better. Speaking at the British Bankers’ Association’s annual international banking conference in London today, Ceeney cited FOS data which shows bank complaints dropped 17 per […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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