Almost two fifths of clients want reviews of their drawdown plans at least every six months, according to a study by Zurich.
The insurer has found almost a third, 31 per cent, of advised clients would prefer a meeting every six months, 6 per cent would prefer to have reviews every three months, and 1 per cent said they would like reviews even more frequently than that.
Around half, 53 per cent, of those asked said they were happy with an annual meeting with their adviser to discuss their drawdown plan.
Zurich warns demand for more frequent reviews could lead to increased workload for advisers so they will need to ensure they have the right technology for the job.
Alistair Wilson, Zurich’s head of retail platform strategy, says: “Consumers clearly value the role of advice in drawdown and the reassurance they receive from regular reviews with their adviser.
“In the future half-yearly reviews could become the norm, especially as defined benefit schemes decline, and people rely more than ever on drawdown for their retirement income.
“This may mean advisers need to adjust how they work as they look to balance the demands of supporting existing customers, while continuing to develop their business.”
“Advisers may need to review their platform technology and functionality and decide whether it can help them keep pace with their evolving needs and those of their customers.”