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Just 2 per cent of advisers feel they have a fool proof retirement approach, research has found.
A poll of financial advisers by Wealthtime and Copia Capital showed 2 per cent of advisers were confident their retirement proposition does not need to change following the publication of the Financial Conduct Authority's thematic review of retirement income advice.
Robert Vaudry, head of commercial at Wealthtime said the findings show the regulator's review has "hit home" for advisers.
He said: "Most firms are sitting up and taking notice of the FCA’s findings, realising that their existing retirement propositions might not meet the regulator’s expected standards."
The survey of more than 160 advisers took place at roadshows held during April and May.
Almost half of those asked had already started a review of their retirement advice, while more than quarter were planning to do so soon.
Vaudry added: "Planning for retirement has never offered so many options, but has also never been so complex.
"Advisers need to determine not only how a client will finance their transition from wealth accumulation to decumulation, but also the appropriate level of income to draw out and the best investment strategy for the remaining invested funds to mitigate the specific risks faced in retirement.
"It’s reassuring that the profession is already working to assess their retirement income advice processes and make sure they meet and evidence the FCA’s requirements and will deliver the best outcomes for clients.”
In March, as part of its review, the FCA found some firms operated in a way unlikely to lead to good customer outcomes by not considering a sustainable level of income to support retirement and some instances of firms not providing the right information to customers.
The regulator said some firms needed to improve the way they deliver retirement income advice.
tara.o'connor@ft.com
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