More than two-out-of-three (69%) of advisers believe that financial planning has become harder over the past five years, according to research from HSBC Life (UK).
This is due to tax changes, political and economic uncertainty, and market volatility.
The report also revealed that a similar number (62%) of advised clients are finding financial decision making more challenging.
It also said that going forward with the frozen and reduced allowances that are now part of the tax landscape, utilising tax effective structures for investments takes on increased importance.
Mark Lambert, head of onshore bond distribution, HSBC Life (UK), said: “We reviewed in depth the role investable capital plays in the fulfilment of financial plans, as part of our commitment to support our adviser partners.
“We hope that the insight secured from the research for the report will contribute to better adviser understanding of potential investor concerns and aspirations in relation to investable capital − both important considerations in delivering good customer outcomes, a key component of the new Consumer Duty rules.”