IFAs reluctant to relinquish hold on commission

Results from a survey of 120 investment advisers conducted by the multi-manager group in August show more than 70% of those polled received more than half their income from commission. But according to a similar poll Russell carried out for the IFP in August last year, the average respondent got just 42% of their income from commission. This comes despite the FSA’s attempts to reduce the prominence of commission in IFA remuneration through its RDR proposals. The survey also shows 79% view transition to a more fee-based business, post RDR, as a “critical challenge”. But nearly 2...