However, this represents a decrease of almost 10% compared to 2012.
While it is unsurprising that retirement remains a popular area for providing advice, the decrease in the last 12 months appears to suggest that the introduction of RDR may leave advisers looking to alternative sectors to supplement their income.
Advisers are more upbeat on providing protection advice in the coming 12 months, with again, just under one third (30%) of those surveyed expecting to offer the most advice in this area, but compared to just over one quarter (22%) in 2012 and one fifth (20%) in 2011. It seems likely that this increase can largely be attributed to the protection market being unaffected by RDR in the same way as other products, making it an attractive area for many advisers looking to maintain revenue levels.
One fifth (18%) of those surveyed believe that mortgages will provide the bulk of the advice they offer in 2012, almost double the figure of 12 months ago and a more positive outlook than was recorded in 2011 (14%).
When asked what they expect their client book to look like in 2013, more than one third (34%) are feeling positive about the future and expect an increase in clients seeking advice as trust builds in the financial services industry; a significant increase compared to 2012, with just one in five (16%) believing this to be the case. Three in 10 (30%) expect their client base to reduce as they focus on wealthier clients post RDR, while nearly 4 in 10 (37%) anticipate client numbers to remain at the same level – either through utilising different channels/propositions or moving seamlessly to fees.
Paul Yates, Strategy and Product Development Director, Avelo said:
“For many people it’s a relief that the RDR deadline has passed. What is interesting is that a number of advisers are moving away from traditional sources of income; retirement planning and pensions, and increasingly looking towards areas such as protection, which is hardly surprising given the opportunity it presents, the lack of consumer understanding and the worryingly large protection gap that exists in the UK.
It is also encouraging to note the number of industry professionals who view RDR as a real line in the sand and an opportunity for the industry to re-invent itself and secure a more positive consumer image."
