In a survey of 223 independent financial advisers by consumer ratings website VouchedFor, 97% of IFAs reported to taking on new clients since the introduction of the Retail Distribution Review (RDR) on 1 January. 

The RDR was introduced in a bid to make the financial advice industry more transparent and required advisers to charge upfront fees from the client, whereas before they would have received the same sum from the product provider via commission.

Advisers have also pointed to the closure of so many bank advice services as one of the reasons that they are seeing increasing new clients.

Some 40% of those investors were completely new to seeking advice from a professional.

81% of advisers said they had not a lost a single client since RDR.

Adam Price, founder of VouchedFor.co.uk, said: “Knowing who to trust when it comes to investing is an age-old quandary and rather than alienating investors fee transparency has actually helped IFAs to stand out from the crowd.

“With 97% of IFAs reporting taking on new clients since the advent of RDR, and 40% of those investors completely new to advice, it is hard to argue that RDR has been the death knell to the industry that many had predicted.

“It is not surprising that people appreciate a more up-front and honest approach. Although the new legislation has begun to demystify fees and started to build trust, deciding which adviser to approach with your savings remains very difficult.”