Over 60% of advisers expect to increase outsourcing of investment management in the next 12 months due to the pension reforms, according to a new survey.

Wellian Investment Solutions' recent annual Symposium, where the research was conducted, also found more than half of IFAs expected to increase their use of discretionary fund managers in the coming year.
The pension reforms, with greater flexibility arising from the removal of the maximum 'cap' on withdrawal of funds and minimum income requirements for all new drawdown funds was cited as the reason for the increase.
Wellian said this meant for advisers that pension funds will be managed in the same way as regular savings accounts - accessed as and when required.
Consequently, a large number of those surveyed at the symposium expressed concerns about managing client expectations.

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They said they believed the principal challenge would be to educate clients on the importance of guaranteed income, ensuring that they do not overspend or deplete pension funds early after retiring.
The higher use of DFMs was attributed to heightened demand for greater liquidity and diversity of assets within investment portfolios following these recent changes.
Eric Clapton chief executive of Wellian Investment Solutions said: "The success of advisory businesses operating in the post Budget, post RDR landscape will largely depend on how they navigate their way through this period of significant change.
"Changes to pension legislation present either a major challenge or a major opportunity for advisers, depending on how they adapt themselves to the new flexibility afforded to clients at retirement age.
"We understand that the majority of advisers are worried about managing client expectations at this time, however those who have the right level of support in place from their investment manager are primed to turn the challenges ahead into a fantastic business opportunity."