A poll of over 130 advisers by Intelliflo revealed that 65% see self-select websites as the biggest threat to their business, while 43% see direct investment platforms as the biggest threat.
Just under 30% saw the negative public image of financial advisers as the greatest risk.
Meanwhile, the poll found that a quarter of advisers still have 20% or more of their annual business turnover coming from platform trail commission, which will be banned from next year. One in ten rely on the commission for more than 30% of their turnover.
The majority of those polled said they have seen clients’ long-term appetite for risk return since the global financial crisis.
Intelliflo’s founder and executive chairman, Nick Eatock, said: “Clearly there is concern about the growth of self-select websites and platforms going direct to end customers.
“It was also surprising to see that a significant number of the delegates still rely on platform trail commission and with the clock ticking on this it’s essential those firms act quickly to ensure they are not financially disadvantaged once that revenue is switched off.”
Intelliflo is a supplier of specialist online software for IFAs, financial, and mortgage advisers
