Just under a fifth of advisory businesses have managed to transition all their clients to a pure adviser charging model, according to a 1,000-adviser survey.
Some 18% of 963 advisers polled by Skandia in June said they had moved 100% of their business to an adviser charging basis, against the 3% recorded in a similar poll a year ago. A further 14% have almost transitioned, according to the latest figures. Since 31 December 2012, following the Retail Distribution Review (RDR), financial advisers have been required to agree charges for advice up front with their clients for retail investment business. Traditional commission was banned, though trail income on pre-RDR business remained, provided no new advice was given. Last year, the Finan...
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