Research by Prudential found that nearly half of the advisory firms surveyed plan on recruiting new members of staff, while two out of five hope to increase employee training.
The research also showed an industry-wide growth in confidence, with over 60% of companies forecasting a rise in turnover and profit from April next year, when the new rules will be introduced.
Of those, 28% plan to recruit more advisers, while 18% plan to bring in additional paraplanners in order to meet the forecast growth.
Over 40% will invest in tax planning training for their existing staff, while 37% said they would be pursuing partnerships with tax specialist firms.
“Crucial”
Head of business consultancy at Prudential, Paul Harrison, said the results showed that advice and financial education will be “crucial” in ensuring success under the new pension regime, and that advisers have been “embracing the opportunities”.
“We’re seeing that advisers are reviewing their business models as they look for growth opportunities,” he said. “For many firms, this means making more efficient use of paraplanners, recruiting more staff, and seeking to establish professional tie-ups.”
In March’s Budget, chancellor George Osborne announced that the requirement for retirees to purchase an income stream, whether through an annuity or through phased drawdown, was to be removed.
Additionally, UK death taxes, currently set at 55%, will be reduced and possibly scrapped altogether.
Furthermore, the Government proposed restrictions on transferring from defined benefit pension schemes, with the exclusion of exceptional circumstances.
