Aviva: Most advice firms will still be trading post-RDR

More than three quarters of advisers are confident they will still be trading come 1 January 2013, the day the RDR is introduced, according to Aviva research.

Despite fears of an exodus from the profession due to the RDR's remuneration and qualification requirements, Aviva says its study shows the majority of advisers are preparing well.

According to its latest intermediary survey, 76% of respondents will still be in business in January 2013.

The proportion of advisers who say they will leave the industry due to the RDR has fallen from 21% two years ago to just 10%.

This follows similar figures published last week by the Personal Finance Society (PFS), which suggested one in ten members planned to exit the sector.

Meanwhile, Aviva says the proportion of advisers working towards higher minimum qualifications has increased from 57% in 2009 to 69%, whilst the proportion who will adopt adviser charging has increased from 28% to 52%.

Almost a third of advisers say they will adopt platforms by 2013.

Two-thirds of advisers say they will offer independent advice post-RDR, whilst 15% will offer a multi-advice model and 6% will offer restricted advice.

"It is really encouraging to see increasing numbers of financial advisers getting to grips with their RDR preparations, and giving consideration to important decisions such as which trading model they plan to adopt," says Simon Badley, director of intermediary at Aviva.