Advisers are well placed to pick up new business driven by regulatory changes to the pension system, which could also result in a boom in estate planning specialists, according to Standard Life.
At a briefing on Wednesday, the pensions provider suggested that the personal pensions market could prove lucrative for financial advisers as regulatory changes, such as auto-enrolment, start to take hold.
The provider predicted that while the market was likely to shrink due to the changes introduced by the Retail Distribution Review (RDR), advisers would benefit from the introduction of auto-enrolment - with millions starting a pension for the first time - and the continued development of at-retirement products, such as flexible drawdown.
Standard Life head of customer income solutions Alastair Black said: "Pension reform will lead to a lot of new savers in the future with substantial pension pots.
"There are so many choices at retirement these consumers will absolutely need financial advice. We see planning at retirement as an enormous growth area for advice."
Most pension savers will be looking for advice later on in life or at the point of retiring, the firm predicted, citing figures that suggest that up to 60% of customer-adviser relationships will be new at point of retirement.
They will be faced with a range of new flexible products, however research shows that customers will struggle to make well-informed decisions.
This could open up new fields of specialisms for adviser businesses in inheritance estate planning.
Standard Life figures showed that 54% of people surveyed as part of the firm's customer research in May 2013 did not know whether their will controlled how their pension was passed on; 47% had not completed expression of wishes forms; and 95% wanted to have control over the decision about who inherits their pension.
Head of customer wealth transfer Julie Hutchinson: "It's not so much about inheritance tax planning anymore, now it's about helping clients take control of who inherits their estate and when.
"The new regulation created a great opportunity for advisers to stay in touch with their clients after the age of 75 and for the longer term, as advisers can continue their involvement with the family even when the first client dies.
"It's longer-term financial planning for families basically."
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