Majority (57%) of financial advisors believe the retail distribution review (RDR) has already improved or will improve consumer confidence in financial services, according to a poll conducted by Cofunds.
Cofunds asked 404 financial advisors how long they expect it to take for consumer confidence to change following the introduction of RDR. 16% of respondents believe confidence has improved, 4 % expect to see an improvement this year, 13% after a year, 12 % after two years and 12% expect it to take more than three years.
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Meanwhile 42% believe that RDR will have no impact on consumer confidence.
Advisors have also reported encouraging client responses to the move to fees. 30% of respondents to the same poll said their clients have reacted positively to the transition. While 57% said their clients’ have on the whole responded neutrally. The figures roughly match responses to the same question in a poll conducted in April 2012.
Stephen Wynne-Jones, head of marketing at Cofunds commented: "Advisors have proved themselves to be incredibly adept at managing to put their clients first, all the while taking everything the regulator throws at the m. So it’s encouraging to see that with this latest piece of regulation their sterling efforts, in very trying times, are already feeding through to improved consumer confidence – a confidence, it’s important to remember, that was knocked in the main by providers, not advisors."
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