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SimplyBiz sees 2% drop in membership in run-up to RDR

by Michelle Abrego on Jan 24, 2013 at 15:15

Support services provider SimplyBiz has seen a less than 2% drop in membership from January 2012 to January 2013, despite concerns that the retail distribution review (RDR) would force advisers to exit the profession.

Since January 2012 SimplyBiz has seen around 35 firms walk away leaving its overall membership at 2,189 firms in January 2013.

However, it said around half of the firms that had left the support services provider had been purchased by another SimplyBiz member.

The company said it had also recently invested £1 million in its Vision initiative to support and guide advisers in the RDR world.

Chairman of SimplyBiz, Ken Davy said: ‘I have always maintained that the firms we serve are the most professional and adaptable in the sector and these figures demonstrate that the quality of advisers we serve is second to none.

‘I am also delighted that all the work and the millions of pounds we have invested in strengthening our offering in the run up to the RDR has proved valuable. We have funded advisers to take exams, cut the cost of our services when the credit crunch first hit and launched a not-for-profit academy to help with qualifications and business transition support.’