Advisers are showing increasing interest in restricted advice models, but the majority are still trading with independent models, Aviva has reported.
According to the provider's Adviser Barometer Research, 12% of advisers are offering restricted or multi-advice model.
Most adviser - 86% - are not planning to change their business models. But 26% of restricted advisers are planning to change to independent, while 10% of those offering independent advice have their sights set on a restricted or multi-advice model.
Adrian Murphy, associate partner at IFA Murphy Financial, said the firm had remained independent post-RDR and could not see any benefits of adopting either a restricted or multi-advice model.
He said: "Those independent advisers that were doing a good job before should not have seen much change. And any multi-advice approach with restricted and simplified too just sounds too complicated."
Murphy added the firm took a holistic approach to advice which included protection for existing clients, but would not increase protection business post-RDR, despite many suggesting it was a welcome additional income stream.
"We do a little bit of employee benefits advice as well as individual protection for existing clients but it will not become a bigger percentage of our business," he said.
"The only way protection will go, is to become less attractive as a stand-alone piece of business. At some point there will definitely be a commission ban and then you have to ask how it will be profitable as a stand-alone when it is fee-based."
