Just 10 per cent of advisers would consider becoming a primary adviser selling a limited range of products.
In the YouGov/Money Marketing survey, 24 per cent of 582 respondents say they are not prepared to study to become a professional financial planner. Of respondents studying or considering studying for the chartered financial planning qualification, 58 per cent are no further than a quarter of the way through their course.
Nearly two-thirds have basic adviser qualifications meeting primary adviser level while 29 per cent have AFPC-equivalent qualifications. Sixteen per cent of respondents have the certificate in financial planning while 8 per cent are chartered financial planners.
Although more than a quarter of advisers surveyed are already qualified at AFPC level and 21 per cent are studying for it, there are also 22 per cent of advisers that would be prepared to study for the diploma but are not yet doing so.
When asked what they would do if the general financial adviser category was only temporary, 44 per cent say that they would become a professional adviser while 7 per cent say they would become a primary adviser.
One in eight advisers say they would sell their business while 14 per cent would continue to advise until the category is abolished.
Nearly a quarter of respondents are undecided as to what they will do.
Worldwide Financial Planning IFA Nick McBreen says: “I would have thought that more people would be looking to sell up because if you start these qualifications in your early 50s and it is going to take three years or more to qualify, then you can see why they would want to sell up instead. How are they going to manage to run a business and study for qualifications?”