Jelf Financial Planning has become the latest national advice firm to announce it will be restricted after the retail distribution review (RDR).

The 22 advisers at the financial planning arm of Jelf Group will continue to offer whole of market advice, but will be labelled restricted under the Financial Services Authority’s definition of the term because they will not advise on all areas of investment.

Jelf’s move follows the announcement earlier this month from fellow national Towry, which confirmed it will be restricted in 2013.

In November, Close Brothers Asset Management conceded its advisers would also be restricted under the RDR.

Alex Alway (pictured), Jelf Group chief executive, said: ‘We feel that after considering all the risks about independence, a restricted model enables us to provide a good service for our clients.’