Some 86% of Spanish advisers believe that Mifid II has meant a substantial change to the financial advisory model in Spain but just a quarter considers it to be a radical change.
About half of respondents (45%) confirm that their companies opted to provide restricted advisory service against 28% choosing to be independent and 27% opting for a hybrid model, the latest survey of the European Financial Planning Association (EFPA) Spain found.
The new regulation was set to force financial advisers to choose either to be independent or restricted with the intention to avoid potential client confusion about the type of advice they were receiving.
The research also found that almost three quarters (72%) of the surveyed advisers feel their companies are already fully adapted to the new regulation, 23% think it is just a formal adaptation, and a minority of 5% think that today much remains to be done.
Six out of ten are confident clients will be happy to pay for advisory services explicitly as long as they see added value on it, but 38% fear clients will remain reluctant.
When asked about digital disruption in their industry, half of the respondents admit to be worried about the proliferation of roboadvisers while 21% recognise to be unaware of the real scope of this product.
The Association has surveyed 1,100 investment professionals in a bid to assess the impact of Mifid II on the Spanish market one year after it came into force.