Legacy commission still accounted for more than half of adviser income at end of March, according to research released today.
The research, conducted by technology company Avelo, which questioned 294 advisers, showed that legacy commission still accounted for 52.6% of adviser income in the three months after the Retail Distribution Review (RDR) was implemented. When asked specifically about their reliance on legacy commission, almost one in two advisers (44%) said the majority of their first-quarter income was from non-fee paying clients while fewer than one in five advisers (17%) said that under 25% of their firm's income came from this route in the first quarter. The majority said they predicted a reduced ...
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