47% of advisers plan to go beyond Level 4 post RDR
A survey by independent financial research company Defaqto has found that 47% of financial advisers intend to obtain qualifications over and above the minimum level required by the Retail Distribution Review (RDR) by the start of 2013.
Defaqto compared advisers' existing qualification levels with the level that they plan to have once the RDR's rules come into effect, and found that nearly half are seeking to achieve Chartered or Certified status. With 11% currently holding qualifications above Level 4, these findings indicate the catalytic affect that the RDR has seemingly had on driving up professional standards.
|
Qualification level* |
Currently have |
Plan to have post-RDR |
|
Level 3 |
91% |
93% |
|
Level 4 |
56% |
89% |
|
Over Level 4 (e.g. Chartered / Certified) |
11% |
47% |
*The percentages for each qualification level are exclusive to each other. Each represents the proportion of all respondents who have attained or plan to attain that specific qualification level.
The survey also found that 2% of respondents plan to retire and another 2% are intending to leave the industry ahead of 2013.
Fraser Donaldson, Defaqto's Insight Analyst for Funds, said:
"All Registered Individuals need to achieve the level 4 qualification by 1st January 2013 and we are seeing a considerable number choosing to go beyond the minimum qualification. The challenge of achieving higher professional standards set by the FSA is being grasped and many advisers are seeking to differentiate themselves in the new distribution landscape by achieving a higher professional status."
The RDR Zone on Defaqto's website provides unbiased analysis, commentary and insight to support advisers as they prepare for 2013 and beyond: www.defaqto.com/adviser/rdr.
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