UK advisory firms are split in their strategic agenda in light of pensions changes coming into force next month, according to investment services platform FundsNetwork.

With next month's UK pensions reform looming, advisory firms are divided in their approach to business strategy, according to new research by FundsNetwork.

While 43 per cent of advisory firms surveyed said they were considering a deeper focus on retirement planning over the next year, just as many (44 per cent) said their strategy would likely remain unchanged.

The divide, however, may be caused by a contrast in the advisory firms' strategic make-up. FundsNetwork noted that many may already prioritise retirement planning, and therefore do not need to adapt for the surge in demand arising from April's changes, which will give pensioners more freedom in managing their pots.

“It’s no secret that the pension freedoms represent the biggest opportunity for the advice profession in decades. It’s encouraging to see that a significant proportion of advisory firms will be, or are likely to be, readjusting their business strategies to focus on the retirement planning opportunities that will be created,” said FundsNetwork's head of advisory services, Jon Everill.

In other revelations, a 79 per cent majority of advisory firms point towards a need for new products and investment propositions to help secure an income stream in retirement post-reform.

FundsNetwork, part of Fidelity Worldwide Investments, deduced its data from 209 advisory firm respondents in January 2015.