Four out of five advisers feel prepared for auto-enrolment but a more than a quarter lack confidence in their readiness for the RDR, according to research from Aviva.
Independent research commissioned by Aviva shows that 83 per cent of corporate financial advisers are either ’fairly’ or ’very confident’ that they are ready to support employers through auto-enrolment in the coming months.
But 78 per cent are ’not very’ or ’at all’ confident that their corporate clients are prepared for the changes ahead. The ’cost of extra membership’ (66 per cent) and ’administration’ (56 per cent) are clients’ top concerns.
The research shows that while a majority of advisers are confident they are on course to be ready for the Retail Distribution Review, 26 per cent admit they have more to do.
The research found 36 per cent of advisers identify ’falling consumer confidence’ and as a key challenge to their business, with 29 per cent concerned about ’volatile markets’.
Seventy-nine per cent said they would turn to product providers for advice about auto- enrolment, with 26 per cent also looking to their network and 22 per cent looking to the Pensions Regulator for backing.
Aviva is launching online support for advisers through its ’Aviva for Advisers’ portal (www.aviva-for-advisers.co.uk), and has also launched a central online hub called ’Aviva for Employers’ (www.aviva.co.uk/auto-enrolment) which provides information about the workplace pension reforms.
The provider will also be launching a monitoring tool to assist employers with compliance issues arising from auto-enrolment, a key challenge flagged up by 36 per cent of advisers. The tool will assist employers in manage enrolment, certification and opt-outs.
Alistair McQueen, senior workplace savings manager at Aviva says:
“Corporate advisers are facing a period of unprecedented change. We think the detail on the websites we have launched to assist advisers and employers goes beyond what other providers are offering to date. Aviva is also committed to providing the full range of remuneration options to support advisers through the period of RDR change.”