More than half of advisors (53 per cent) have found the transition to the Retail Distribution Review smooth or very smooth, according
to research by insurance firm Zurich.

The survey, which questioned 460 advisory firms via
SurveyMonkey between 19 and 26 June 2013, found that since the introduction of
the RDR in January 2013, only 9 per cent of advisors have reported major
disruption to their businesses, while nearly a third (29 per cent)  of those questioned thought the new
environment actually presented opportunities for growth.

This is despite 40 per cent of those questioned saying they
had changed their customer charging structure significantly, with a further 20
per cent claiming this had involved a complete overhaul as they were not
accepting fees directly.

Despite concerns within the industry of reduced access to
advice as a result of the RDR and charging, over three-quarters (78 per cent)
believe their customers are either accepting, or very accepting of the new
model. Additionally, 71 per cent are confident that their customers will continue
to use their expertise for financial advice and planning in the future.

This confidence is also reflected
in the responses to questions about the financial impact of the RDR, where 36
per cent of advisors surveyed do not believe it has had a negative impact on
overall revenue so far.

However, 69 per cent think levels of regulatory costs on
advisors are too high and do not reflect the risk an advisory business poses to
consumers, with only a quarter seeing the costs as fair and proportionate.

"Though it is still early days since the introduction
of the RDR, these findings paint a positive picture of agile advisors operating
in a new and challenging environment. As business models and income streams are
shifting, advisors are having to embrace new ways of doing business. It comes
as no surprise to me that many are rising to the challenge – with nearly a
third seeing the RDR as presenting new business opportunities," said Richard Howells, intermediary sales director for
Zurich UK Life.

"We remain fully committed to the
advisor market and to investing in supporting them. Our retail platform is just
one example of how we are actively engaging with advisors and building their
feedback into delivering a solution to help them operate even more effectively
in this new world," Howells added.