Conducted by Investec Wealth & Investment last month, the survey of 98 intermediaries suggests that the number of new business enquiries following the enactment of the government’s pension freedoms has grown significantly.
According to the survey, 80% have seen an increase already, while 68% expect to see the growth to continue over the next five years.
Much of this growth is expected to come from requests for advice around the transfer of assets from DB to DC schemes, which Investec said, advisers expect to continue for at least the next nine years.
Another encouraging finding is that many advisers expect the size of pension pots in question to rise on the back of these transfers as well.
73% of advisers predict an increase in the average portfolio size held by clients seeking pension freedoms-related advice, the survey showed. Of those 22% forecast the average portfolio will grow to more than £50,000, 34% to more than £100,000 and 7% to in excess of £250,000.
Just 17% of advisers are expecting a fall in the average portfolio size, Investec said.
Mark Stevens, head of intermediary services, Investec Wealth & Investment, said: “Advisers who have had to turn away numerous enquiries from savers whose pension pots have been too small to service profitably will be the first to agree that it’s not the quantity that matters but the quality. In this regard, the research paints an encouraging picture.”