Over half of advisers say they are not prepared for the RDR, according to Institute of Financial Planning sponsor Blackrock.
The investment management firm questioned 88 adviser delegates at its 'RDR: Preparing for the final straight' client seminars.
The biggest problem for advisers was the future client proposition with 87 per cent saying they had not yet finalised this.
Some 57 per cent said they were unsure whether being 'independent' or 'restricted' would have an impact on their business.

Encouragingly for the IFP, 68 per cent said it would be more important to become a certified or chartered Financial Planner than an IFA over the next five years. This indicated, while all advisers have to be qualified to Level 4, many are anticipating progression to Level 6.
It was not only advisers who felt unprepared, 88 per cent of advisers felt their clients were unaware of the new regulations and how these would impact investment advice.
Tony Stenning, head of UK retail at Blackrock, said: "With under 130 days until RDR takes effect, many advisers and investors are still wrestling with what the new regulations will mean and how they should act.
"Some advisers are clearly racing to complete the minimum required qualifications, but this is potentially drawing the attention away from transitioning their businesses and communicating potential changes to clients."