Nearly half of financial advisers are looking at taking further qualifications in the light of the sweeping Budget reforms to savings.

That was the conclusion of a survey which found 45% wanted to gain more certifications to "increase the range of retirement products they can sell", according to LV= which carried out the research.
They said they were looking to address the expected change in retiring clients' income demands, following the radical changes arising from the Budget this year. Many of the key changes take effect from next April.

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Steve Lewis, head of distribution for retirement solutions at LV=, said: "We expect the pension reforms to lead to drawdown and equity release becoming mainstream solutions so it is reassuring to see that advisers are looking into getting additional certifications to reflect the expected increase in demand for these products.
"Although retirees will be looking for more income flexibility many will, of course, want income certainty and a solution that offers a guaranteed element."

The survey also found:

• More than three quarters (83%) of advisers believe that there will be an increase in demand for products with a guarantee
• The majority (54%) of advisers do not believe that retirees will blow their pension savings
• Nine out of ten (92%) advisers believe that the pension reforms will increase engagement with the market
• Eight in ten advisers expect it to encourage more pension saving.

The research also found that speculation that retirees will blow their pension pots as a result of increased flexibility looks unlikely in advisers' views.
Over half (54%) thought that clients will be far more conservative than has been suggested.

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