Advisers expect better business in 2014

Despite a pre-review poll indicating it could have a harmful effect on business for advisers, 37% feel they traded more profitably last year compared to 23% who saw profits drop.

John Clougherty, head of UK retail at Fidelity Worldwide Investment, said: “The picture looks much better for advisers and their businesses, with an indication that things will pick up over the course of 2014.”

While 91% felt adviser numbers have declined due to the RDR, 22% felt there will be no change in 2014, while one in 10 even felt there would be an increase.

Three quarters of advisers argue there has been no change in terms of their clients’ confidence towards the financial services industry, yet 37% believe that consumers will have access to better quality advice

Jon Everill, head of advisory services at FundsNetwork, said: “I’m convinced that consumers will begin to feel more confident as the effects of professionalism and the more positive markets continue to influence their sentiment. “

The poll also revealed that 60% of advised clients do not even understand the RDR, or why it was put in place in the first place.