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most ifas will not offer self directed service

27 Apr 12

More than two-thirds of advisers do not expect to offer a self-directed service to clients after the Retail Distribution Review takes effect at the start of 2013, according to a poll of 614 financial intermediaries by one of the largest UK investment platforms.

More than two-thirds of advisers do not expect to offer a self-directed service to clients after the Retail Distribution Review takes effect at the start of 2013, according to a poll of 614 financial intermediaries by one of the largest UK investment platforms.

Cofunds, which claims to account for more than a quarter of the UK platform market, with assets under administration of some £40bn ($65bn), found that 69% of those surveyed do not intend to offer such services, which allow clients to “self-serve” using tools available via adviser websites.

Just 17% of respondents already offer this option, Cofunds said, while the remaining 14% said they would provide it as a new service.

In a separate study published earlier this week, the UK’s Association of Independent Financial Advisers found that three-quarters of intermediaries either consider themselves RDR-ready, or are confident that they will comply with the new regulations by the end of 2012.

Tags: Cofunds | RDR | UK Adviser

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.