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IFAs believe consumer access will not improve post-RDR, says NMG

More than three quarters of advisers do not believe the retail distribution review will improve the availability of advice for consumers not currently engaging with the sector, according to NMG Consulting.

A survey of 275 investment-oriented IFAs found that just 11 per cent believe access will improve, while 77 per cent disagree. Twelve per cent took no view.

The study shows that 32 per cent of advisers expect they will focus on wealthier clients post-RDR and only 11 per cent expect to offer a simplified advice process for stakeholder products.

Overall, 60 per cent of advisers are already “well advanced in their RDR planning” and just 15 per cent reject the proposals strongly.

NMG concludes that adviser numbers will fall 20 per cent as a direct result of the RDR.

The report adds: “A factor often omitted when forecasting future adviser numbers is the growth in advisers from ‘new blood’. We believe a professional adviser sector can have the same appeal for graduates entering the workforce as the more traditional options of accountancy, law and banking.”

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