Drawdown clients are being exposed to high-risk investments without their knowledge leaving advice firms on a “ticking time bomb” of potential complaints, according to Financial Planning fintech EV Financial Solutions.

A change in the way financial advisers think about risk can lead to better outcomes for those in or approaching retirement, according to fund data provider FE Investments.

Three in 10 (29%) of clients say that their wealth managers may have incorrectly assessed their attitude to investment risk.

A leading Chartered Financial Planner has called on the Financial Conduct Authority (FCA) to redefine risk classifications to reflect current conditions.