A third of financial advisors are now offering or are considering expanding their self-directed services, following the introduction of the retail distribution review at the start of this year, according to a poll by Cofunds, the UK investment platform recently acquired by insurance group Legal & General.

Cofunds' poll, in which 404 financial advisors were asked about their plans for offering self-directed services, revealed that 17 per cent of advisors said that they already offer a form of self-directed service, while 9 per cent said they are looking to introduce them. Just over half (53 per cent) said they will not offer a self-directed service - a noticeable decline from the 69 per cent reported a year ago when Cofunds said it asked advisors the same question.

“To some the idea of advisors suggesting to their clients that they may occasionally want to make their own investment decisions may seem counter-intuitive. However, for those who have already embraced it there’s a clear logic to adding a self-directed offer to their client servicing tool kit. By offering a self- directed service to those clients for whom the advisor recommends full advice is not appropriate at this time, any existing assets can be retained, while still allowing the client to make new investments, in an informed manner," said Andy Coleman, director of distribution at Cofunds.

The firm, with £52 billion ($81 billion) of assets under administration, provides administration and management services for advisors and their clients, as well as dealing and custody services for financial institutions. It does not offer investment management or advice.