Retirement planning is the largest single driver of revenue growth for advisers, with 58 per cent saying that they expect it drive their business growth over the next year.

The research from Canada Life also revealed that 45 per cent of advisers believed that pension consolidation would drive revenue, the third most commonly cited catalyst.

Defined benefit pension transfers was cited as the least likely driver behind business growth, with just 7 per cent of advisers expecting it to improve revenue.

Commenting on the findings, Canada Life tax and wealth specialist, Neil Jones, said: “Retirement planning and pensions are two of the largest areas driving growth for advisers.

“Interestingly, while advisers expect some reduction from these as a standalone source of revenue, it’s unlikely this equates to a reduction in demand, but likely reflects the increasing flexibility of pensions and retirement solutions.

“As more advisers take a holistic financial planning approach, pensions and retirement solutions are being more widely deployed in a variety of areas, for example, as part of an IHT strategy.

“Certainly, the growth advisers are expecting in say, equity release, is often hand-in-hand with retirement planning.”

The amount of advisers that foresaw asset value increases propelling growth in the next year, down from 34 per cent over the past five years.

Jones continued: “Overall, there are notes for caution as well as encouraging signs.

“The principle engine for wealth creation over the past 30 years has been the increase in asset prices for things like equities and residential property.

“Ultimately, that falling is a concern, be it because of Brexit or fears of a trade war.”

Inheritance and wealth planning was deemed to be the second biggest driver, with 51 per cent of advisers expecting it to improve business growth, while just 16 per cent cited equity release as a growth driver.

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