More clients are seeking financial advice on annuities, pensions and Sipps than Isas following the introduction of pension freedom, according to research from Canada Life.
Canada Life carried out a survey among 306 advisers in December and found 80 per cent reported pensions are the most sought-after area of advice in 2015, up from 69 per cent in 2014.
Isas were reported to be the second most in-demand product for advice, down from first place last year.
The survey also found advisers were most concerned about future changes to the pension system.
This was cited as the biggest worry by two thirds of advisers polled, closely followed by the impact of new rules for pension tax relief.
Policy regarding the Retail Distribution Review was the cited as a pressing concern by 23 per cent of advisers and the impact of a European Union referendum was a worry for 20 per cent of those polled.
The research also found advisers had clients with more cash to invest this year.
The average amount of investible assets advisers reported rose by 1.7 per cent - or £3,257 - from £188,556 in 2014 to £191,813 in 2015.
|What are/were the most common sources of investible monies?|
Pension lump sum
Sale of other assets
Sale of property
Source: Canada Life.
N.B percentages will not add up to 100% as more than one option could be selected
Pension lump sums now account for 46 per cent of investible cash, up from 42 per cent last year, and just 4 per cent behind savings.
Tony Larkins, managing director of Beacon Wealth Management in Cambridgeshire, said the finding that pension lump sums account for a greater amount of investible cash did not add up.
He said: “We are not seeing people invest their pension money. It is best to leave the money where it is.”