Mr Davies said this meant advisers have been forced to invoice clients directly without giving their clients the option of paying for a product out of their investment - and this lack of choice for clients goes against the spirit of the RDR.
He said: “As with many advisers, we raised our fees from the 0.5 per cent for pre-RDR commission, to 0.75 per cent for adviser charging.
“However, in our experience, many life companies claim they are unable to facilitate this change, saying their systems are not geared-up for it.”
Mr Davies warned that this removes choice for clients, and he claimed providers were still not taking enough steps to deal with the effects of the RDR.
He added: “Providers seem to be more interested in attracting new business, for which they are fully geared-up to offer this service.
“If providers don’t try and facilitate adviser charging on this type of business, it begs the question: should we cash in and move the money to platforms? I can see a lot of these legacy products diminishing over time.”
The founder of Cardiff-based advisory firm Create Wealth, said a number of life companies, including some of the largest, had not adapted their systems to facilitate adviser charging for pre-RDR contracts.