Pensions and retirement income have moved above ISAs to the top of the Canada Life table for most in-demand products.

The company surveyed advisers and found more clients have been seeking financial advice on annuities, pensions and Sipps following the pension reforms.

The second annual survey of IFAs from Canada Life revealed that 80% of advisers cited this as the most in demand product area in 2015. This is up from 69% last year, triggered by the pension reforms that have led to a wider range of choices for retirees.

ISAs have dropped to the second most in demand product for advice although demand remained consistent at 72%.

The survey from Canada Life also found that advisers’ biggest financial services concern was future changes to the pension system.

This was cited as the biggest worry by two thirds (66%), closely followed by pension tax relief changes (60%) as advisers grapple with the impact of new rules.

{desktop}{/desktop}{mobile}{/mobile}

These issues were rated by almost three times more than the next most pressing concerns: policy regarding RDR (23%) and the impact of an EU referendum (20%), revealing the dominance of pensions on adviser issues and concerns.

The research also found that the last twelve months has seen changes in investor characteristics. Clients’ average amount of investible assets has risen by 1.7% - or £3,257 – from £188,556 in 2014 to £191,813 in 2015.

Savings remained the most common source of investible monies, however, this is down by 5% from 55% in 2014 to 50% in 2015 as pension lump sums increased as a popular source.

Pension lump sums accounted for 46% of investible monies, up from 42% last year. They are just 4% behind savings as a source where there was previously a gap of 13%, another effect of the reforms.

The average age of customers has also risen slightly, from 56.9 last year to 57.7 in 2015, an indication people are waiting longer before seeking advice.

Richard Priestley, executive director individual onshore at Canada Life, said: “The impacts of the pension reforms are far reaching and the host of options this now presents for customers has thrown their Financial Planning into a conundrum.

“Concern about making the right decisions can clearly be seen by the rising demand for advice on pension products as people adjust to the huge range of retirement options. There is already endless speculation ahead of the 2016 budget about further changes to pension tax relief, which is stoking adviser concern.

“Advisers are on the front line of change and it is no surprise that they are mindful of this when providing advice. The challenge remains for advisers to navigate this complex new landscape.”