The specialist adviser software firm asked financial advisers to rank their biggest business challenges and topping the list was compliance and retail mediation activities return reporting, voted for by 24 per cent of the 315 advisers included in the survey.
Client charging came in fifth, named by 11 per cent while the survey showed that the second biggest challenge for advisers was servicing clients followed by the costs of running a business in third place and attracting new clients in fourth.
The research came after a recent announcement from the FCA that it will make changes to make the reporting process easier for advisers.
Dave Chessell, Intelliflo’s chief commercial officer, said this was a “step in the right direction” as advisers have found the requirement to provide data on payment methods into RMAR, introduced last year, an “onerous additional time burden”.
Mr Chessell said: “Those advisers who use our system to manage compliance and RMAR reporting tell us it helps them keep costs down overall, reducing administration time and allowing them to focus on the growth drivers for their businesses.”
Adviser views
Lisa Jones, adviser at Surrey-based Hargreaves & Jones, said: “While I understand the need for it, I do think the FCA has underestimated just how much a burden reporting is for smaller advisers. The fact that product providers are all developing their own different systems adds to the problem for fully independent advisers like us, who are choosing products from across the market.”
Lesley Searle, IFA at East Anglia-based Beckett Investment, said: “It’s essential our compliance reporting demonstrates that the advice we give our clients is truly independent. Providers could do more to help us save time by taking a more standardised approach.”
