Over 4 in 10 (41%) Financial Planners have seen clients change their long-term needs over the past 12 months, according to a new report.

With client needs changing, 83% of Financial Planners surveyed for the report by Canada Life said they are one step ahead of their clients all or most of the time.

The majority (93%) of Financial Planners said they feel confident they can deliver the flexibility into retirement that their clients need.

Nearly two thirds of Financial Planners (63%) said they have all the tools and products required to meet their client’s needs, but half (52%) said that the industry has lacked innovation and new solutions.

However, Financial Planners also showed hesitancy with only 56% feeling comfortable exploring and offering clients new products.

Sean Christian, managing director of the wealth management division at Canada Life, said: “The impact of the past year will continue to drive a need for greater flexibility to ensure advisers meet the evolving needs of their clients.  The industry needs to support advisers and their clients, as needs and perspectives on retirements continue to change.

“The ability of the industry and advisers to work together, in developing innovative solutions and advice, is what will enable us to collectively deliver clients long term financial plans.”

Opinium conduct research among 206 UK Financial Planners between 5 and 8 July.