Threat to 'restricted' advisers as consumers look elsewhere

clock

Multi-tied advisers are way down the list of consumers' preferred distributors for financial products in the future, behind even supermarkets and major retailers like M&S.

This will come as a blow to the many adviser firms that are considering offering ‘restricted advice' post-RDR as the requirements to be ‘independent' become more onerous. Banks topped the list of preferred providers of the future with 63% of consumers, according to a survey from the Life Insurance and Market Research Association (Limra). Building societies were second with 57% followed by IFAs who can sell any product on 42%. However, advisers offering a limited product range scored just 17%. Retailers featured in the top half of the table, with 39% of those surveyed saying they wo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'No news is good news': Spring Statement stability welcomed

'No news is good news': Spring Statement stability welcomed

‘This was a low-key event, especially for pensions’

Jenna Brown
clock 03 March 2026 • 4 min read
FCA opens targeted support authorisation gateway

FCA opens targeted support authorisation gateway

Firms can now apply for permission to provide targeted support

Isabel Baxter
clock 02 March 2026 • 2 min read
Nearly two million rely on unvetted influencers for financial advice

Nearly two million rely on unvetted influencers for financial advice

Around 7.7 million UK consumers have followed social media advice

Isabel Baxter
clock 02 March 2026 • 3 min read