The majority (75 per cent) of financial advisers are looking to review their retirement offering following the findings of the Financial Conduct Authority (FCA)'s thematic review of retirement income advice, research from Wealthtime and Copia Capital has revealed.

The FCA’s review previously revealed a "mixed picture" on the retirement income advice offered to savers, with financial advice firms asked to review their processes in light of the findings.

This work appears to be underway, as the survey found that 75 per cent of financial advisers are reviewing their retirement approach following the FCA’s thematic review of retirement income advice, while just 2 per cent were confident that their retirement proposition is "foolproof" and does not need change.

In particular, almost half (48 per cent) said that they have already started a review, while 27 per cent are planning to start soon.

However, nearly a quarter (23 per cent) were not sure yet if they needed to review their current strategy, and 1 per cent had not heard about the FCA’s retirement income advice review at all.

Wealthtime head of commercial, Robert Vaudry, highlighted the survey findings as demonstration that the thematic review has “hit home” among advisers.

He stated: “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.

“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.”

This also follows research from Standard Life, which looked at the specific areas financial advisers have been focusing on since the review, revealing that income withdrawal strategy (IWS) has been the main priority, followed by suitability and cash flow modelling.

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