UK Advisors Remain Independent, But That Could Change - Skandia

Sally Ling

11 March 2013

Research by Skandia, part of Old Mutual Wealth, reveals that nearly 90 per cent of advisors have remained independent post-RDR. Of the rest, 8 per cent offer restricted advice and just over 2 per cent offer both.

Skandia found that while 83 per cent of advisors are not looking to change their offering in the next 12 months, just over 5 per cent say they will become restricted. Nearly 12 per cent of advisors are not sure if they will remain independent.

The research also revealed that around three-quarters of advisors could be qualified to chartered status in the near future. It found that while only 16 per cent of advisors are currently qualified to chartered status, 27 per cent are studying towards it and 33 per cent are thinking about it.

Skandia suggests that the distinction between independent and restricted could arguably become less important if clients become more aware of the value of chartered status.

Skandia's advisor sentiment tracker covers responses from 491 financial advisors.