A survey of over 150 advisers by the financial services research firm found none of the advisers questioned felt consumers were fully aware of the changes.

This highlights challenges for advisers when creating a post-RDR business proposition and in communicating the offering to clients.

Some 78 per cent of advisers thought there should be a Government or FSA-led campaign to raise awareness and 81 per cent felt firms should be provided with educational materials to use with clients.

Fraser Donaldson, Defaqto’s insight analyst for funds, said: “It would be sensible for advisers to start communicating with their clients as soon as possible so they get used to the forthcoming changes.

“With something as fundamental as adviser charging, some market research with clients on preferred payment methods and level of payment they are likely to accept may be advisable, as a sudden change in charges could cause additional problems.”

Carl Lamb, managing director at financial advice firm Almary Green, said: “There is an urgent need for consumer education on the RDR and the impact it will have on services provided by financial advisers.

“For some people the RDR will mean huge changes. I think there should be a mini questionnaire for consumers to use when talking to their financial adviser so that they know the right questions to ask, such as will you still be in business next year, will you be giving independent or restricted advice and so on.”