Institute of Financial Planning chief executive Nick Cann says less than half of advisers have so far successfully made the business transition to comply with the RDR.
He said many advisers who think they are ready for the RDR have been focusing on exam qualifications rather than changing their business model.
At a Cofunds and Money Marketing round table on business transition last week, Cann said: “There is a great concern that many advisers are thinking about the transition by meeting the qualification requirements but are not actually transitioning their business. My concern is that more than 50 per cent are not ready to perform profitably and successfully in 2013.”
Veracity chief executive John Baxter said that the FSA should not delay the RDR implementation date.
He said: “If the regulator wavers on the time scale it will be an absolute betrayal. There are a number of advisers who have invested in themselves and their business, you cannot delay this any more.”
Baxter added that businesses that have not started to make the switch to an RDR-compliant model by now will not meet the 2013 deadline.
He said: “For those businesses that have not made decisions early enough and are only now starting to think about it, it is too late.
“If in 2013 individual advisers are able to demonstrate they have been trying to get to the necessary level but were unable to, there is a case for a transition period, but absolutely not across the market.”