The survey found 39 per cent of advisers are concerned they could face problems justifying investment decisions, while another 19 per cent are concerned but have plans in place to deal with potential regulatory issues.
Half of advisers surveyed would welcome support from providers on asset allocation and fund selection as they battle to cope with the fallout from recent extreme stock market volatility.
Prudential director of investment funds Andy Brown says providers should be doing more to support advisers and giving them access to expert advice and help.
He adds: “The time advisers are currently spending on asset allocation and fund selection cannot be underestimated. We only see this requirement increasing over the next 12 months and we estimate more advisers will look to providers for support in meeting their regulatory obligations.
“It is in the interests of advisers and providers to come up with innovative solutions that meet clients’ expectations and their assessed risk levels.
“Asset allocation and fund selection are vital in ensuring that client needs and long-term investment expectations are met. However, both are potentially demanding and time-consuming. Finding reliable sources of both can enhance the service advisers offer to their clients.”