Tenet, the UK advisor support group, believes 80 per cent of independent financial advisors need to change their business model to remain independent after the UK regulator’s Retail Distribution Review, according to Money Marketing.

The group believes that the vast majority of IFAs do not comply with the requirements of the RDR at the present time, and because of this 80 per cent will need to increase their advice range. 

It predicts that many IFAs will offer restricted services, because of higher operating costs and increases in their professional development workload.