While 88% of advisers wish to remain independent, three quarters of the major nationals and networks expect most of their members to become restricted advisers.
From 1 January next year, any advice which is not independent will need to be labelled as restricted advice, such as advice on a limited range of products or providers.
"What is emerging is a dual track for the destiny of financial advisers," Clive Waller, head of report author CWC Research, said.
"Advisers' plans for the future are clearly not compatible with what their bosses have in mind.
"The momentum for bosses is shifting towards a restricted model of financial advice with lower costs and less risk, while advisers are still nailing their independent colours to the mast."
The report, called The King's New Clothes, was based on 120 interviews with advisers and 'business leaders' of major national IFAs and networks.
Waller continued: "Either firms are going to need to go and recruit and train a new breed of adviser, or advisers are going to need to give up their independent standing."
The report also examined individuals' and firms' RDR-readiness. According to the results, half of adviser businesses have not tested their post-RDR fee models, while 25% are yet to develop a fee-based, adviser charging proposition.
About 15% of today's advisory market will either fail to achieve the new Level 4 minimum qualification requirement or will retire early, the research also suggests.
With the vast bulk of client money now going on to platforms, who really benefits? The client, the adviser or just the platform provider?