One in six advisers to be restricted by year end - research

One in ten advisers are now restricted compared with one in 30 in Q4 2012, and this will increase to one in six by the end of the year, research predicts.

The number of former IFAs offering a restricted advice model increased to 10% in the first quarter of 2013, compared with 3% in the final quarter of 2012. NMG Consulting's Financial Adviser Census indicates this will increase further in 12 months' time, when 16% will be restricted. Director of NMG, David Burns, said: "These results provide early support of NMG's forecast that around 60% of the pre R-Day IFA population will be restricted by 2016. "We expect this shift to be gradual as adviser firms come to accept that their current model is restricted by default. "In addition, we...