A recent survey by Leeds-based Tenet Group has revealed that 87 per cent of independent financial advisors have confirmed willingness to start implementing advisor fees.

The Financial Services Authority's Retail Distribution Review programme of reforms, which comes into force at the start of 2013, is aimed at driving up standards of financial advice, abolishing commissions in favour of pre-agreed fees and imposing new higher mandatory qualification standards, among other changes.

Over 500 clients were questioned at 18 regional meetings around the country, of which only 13 per cent said they needed more time to adjust to the FSA’s reforms.

“After the initial shock of the IFA commission ban, the advisor community generally felt threatened by the wholesale move,” said Keith Richards, Tenet's distribution and development director.

“Since then many have come to realise that they had already been employing different forms of advisor charging structures in a move to more service-based recurring income models,” he said.

The survey also revealed that 51 per cent of respondents believe there will be no impact on their income, although they conceded they might see a drop of up to 15 per cent initially as they adjust to new pricing strategies and structures.

“We have seen a significant shift in confidence in the last 12 months in particular and this survey demonstrates that the majority of advisors have already moved into implementation mode,” said Richards.

Tenet first implemented its RDR campaign over 18 months ago, but continues to run workshops to help advisors through the transition to compliance with the new rules.