Friday, 16 August 2013 09:34
AXA Wealth: Rise in adviser numbers is good news for consumers
AXA Wealth believes the increase in adviser figures post-RDR will be good news for consumers seeking financial advice.
Yesterday, the Financial Conduct Authority announced that retail investment adviser numbers had increased from 31,132 in December 2012 to 32,690 in July 2013.
The FCA attributed the rise to advisers returning to market post-RDR and said 97 per cent were RDR-qualified to Level 4.
There had previously been concerns that consumers would be negatively affected by a drop in adviser numbers.
Ian Colquhoun, director of sales and marketing at AXA Wealth, said the figures showed a "positive indication of travel".
He said: "From the time of announcement to implementation and beyond there have been concerns that the RDR would have a negative impact on financial advisers. The figures from the FCA, which show the number of financial advisers operating in the UK has increased since RDR, are a positive indication of the direction of travel for the profession."
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Research by AXA Wealth, a corporate member of the Institute of Financial Planning and lead sponsor for the IFP Annual Conference, found more consumers were considering financial advice.
Out of 2,000 respondents, some 19 per cent of consumers who had not sought financial advice in the past intended to do in the future to ensure a secure retirement.
Mr Colquhoun said: "Increasing longevity and a background of low interest and annuity rates means Financial Planning to help consumers meet their financial goals has never been so crucial. There is an opportunity for existing advisers and new entrants into the market to demonstrate the value that Financial Planning can bring."
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Yesterday, the Financial Conduct Authority announced that retail investment adviser numbers had increased from 31,132 in December 2012 to 32,690 in July 2013.
The FCA attributed the rise to advisers returning to market post-RDR and said 97 per cent were RDR-qualified to Level 4.
There had previously been concerns that consumers would be negatively affected by a drop in adviser numbers.
Ian Colquhoun, director of sales and marketing at AXA Wealth, said the figures showed a "positive indication of travel".
He said: "From the time of announcement to implementation and beyond there have been concerns that the RDR would have a negative impact on financial advisers. The figures from the FCA, which show the number of financial advisers operating in the UK has increased since RDR, are a positive indication of the direction of travel for the profession."
{desktop}{/desktop}{mobile}{/mobile}
Research by AXA Wealth, a corporate member of the Institute of Financial Planning and lead sponsor for the IFP Annual Conference, found more consumers were considering financial advice.
Out of 2,000 respondents, some 19 per cent of consumers who had not sought financial advice in the past intended to do in the future to ensure a secure retirement.
Mr Colquhoun said: "Increasing longevity and a background of low interest and annuity rates means Financial Planning to help consumers meet their financial goals has never been so crucial. There is an opportunity for existing advisers and new entrants into the market to demonstrate the value that Financial Planning can bring."
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