Fidelity questioned over 700 advisers on their progress in the run-up to RDR implementation at the end of next year.

A third had started to consider the issues and only five per cent of advisers questioned had not considered the RDR in any depth at all.

Most advisers intended to retain their current business model and about seven per cent saw their model moving towards restricted or holistic Financial Planning or discretionary wealth management.

A mix of investment solutions were used by advisers, 31 per cent made bespoke portfolio recommendations, 26 per cent used model portfolios and 23 per cent used managed funds.

However, the survey hinted at a greater use of outsourcing in the future, 56 per cent of respondents said they were likely to outsource investment decisions post-RDR and 47 per cent said they would outsource to a discretionary manager.

They also thought the use of managed funds would increase post-RDR, particularly for clients with smaller amounts of money.

Ben Waterhouse, head of UK retail sales, said: “As advisers face the challenge of preparing their business to succeed in the post-RDR world, many are re-evaluating their business models, segmenting their client base and defining value propositions with adviser charging in mind.

“In devising a successful investment offering and placing it at the heart of your business, you can hopefully improve your client offering, increase your control of business costs and ultimately increase your profitability.”