Advisers feel that pension providers are falling down when it comes to services surrounding pensions freedoms, research has revealed.
Figures from Defaqto show that, although pension freedom servicing tops the list when it comes to importance for financial advisers, it falls short when it comes to adviser satisfaction.
The survey asked advisers to rate pension providers in relation to the importance of seven categories.
Respondents ranked 'pension freedom servicing' and 'product and proposition' as the most important aspects of service.
Once the importance of each service category was rated, advisers were asked to rate their own experience with pension providers and then the results were plotted, identifying gaps in satisfaction experience.
Pension freedom servicing came up with a weighted satisfaction figure of 78 per cent, compared with product and proposition with 84 per cent satisfaction.
David Cartwright, head of insight and consulting for wealth and protection at Defaqto, said: "Getting pension freedom servicing right has to be the key takeaway from the results of this year's survey.
"With the pension freedoms coming up to two-years-old in April 2018, it is not surprising that this is now the number one most important aspect for advisers so providers need to get the communication right.
"Providers should consider all elements of service and allocate resource where appropriate to avoid dissatisfaction from their customer base, which may adversely affect the adviser's product selection."
The survey showed that personal pension, drawdown and self-invested personal pension (Sipps) are the three most recommended types of pension products.
Minesh Patel, managing director of advisers EA Financial Solutions in London, said he felt providers were not bothering to amend the rules with legacy pensions, meaning those who want to use pension freedoms were having to switch from traditional providers.
He said: "It is not ideal. Particularly for those with smaller pots where an IFA isn't always the right solution."
He added that there were also problems with administration when it came to dealing with pension providers.
Mr Patel said: "Their administration sucks. It is really cumbersome and we spend half our time chasing them."
