Fund managers say the financial adviser community is 'increasingly distracted' as the Retail Distribution Review (RDR) deadline approaches, according to a report.
Last-minute preparations for RDR “appear to be the main concern of advisers at present”, according to Fundscape, a consultancy which produces the Pridham Report.
The latest report, released last week, notes that poor investor sentiment in the early summer contributed to lower sales and led to a “dismal” August with the lowest net retail sales since October 2008.
“Flows improved in September on the back of rising stock markets, but fund managers report an increasingly distracted adviser community as the RDR deadline approaches.”
The final quarter of the year will be tough for managers, the report concludes, unless stock markets continue to rally making funds difficult to ignore.
Helen Pridham, director of Fundscape, says: “Last-minute preparations for RDR appear to be the main concern of advisers at present and hopes for next year are not great either, with the industry likely to go into limbo until platform regulation comes into effect at the end of 2013.”
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