New research from leading financial services technology solutions provider Avelo suggests advisers in the South West are the most prepared in the UK for the introduction of the Retail Distribution Review (RDR) at the end of this year.
Almost two thirds (63%) of advisers based in the South West attending the Avelo’s recent RDR readiness roadshow said they were between 75%-99% ready for RDR, compared to just under half (49%) of those surveyed nationally. Just under half (49%) of advisers surveyed nationally reported being between 75%-99% and encouragingly less than one in 10 (8%) are less than 50% ready for RDR.
In addition, when questioned on their overall understanding of the changes associated with RDR, almost one quarter (24%) of respondents in Yorkshire were familiar with all of the requirements, while no advisers in Norfolk shared that view. Nationally, just under half (40%) of advisers, have read and understand the changes, but still need to check the specifics on occasion.
When it comes to status, an overwhelming majority of advisers (80%) surveyed intend to remain independent from 31st December 2012, despite almost one fifth (18%) of those surveyed in the Midlands still being unsure of their offering and more than one in 10 advisers in the South West (11%), the South Coast (13%) and Scotland (14%) planning on providing a hybrid model post RDR.
Paul Yates, Strategy and Product Development Director, Avelo, commented “Our RDR Readiness roadshow and supporting research has highlighted that regionally there are some major differences in terms of readiness and approach to business post RDR. One thing remains clear, some advisers are still unsure of the changes associated with RDR and with less than six months to go that is a worrying statistic.
“While it is encouraging that advisers seem set in terms of their proposition going forwards, the lack of understanding or clarity of changes required means many people have a great deal of work to do to become RDR ready.”