Many financial advisers are unprepared for new rules that take effect from July 1, according to a survey by software company Midwinter.

Only 45% are sure they will be ready to create fee disclosure statements, and there is a lack of confidence about the information that should be included, the study of 330 advisers shows.

“There is a little bit of uncertainty across planners when it comes to those questions,” Midwinter MD Julian Plummer told insuranceNEWS.com.au.

Many planners are still deciding how to arrange opt-in procedures for clients, and 49% are unsure if opting in will be offered electronically, the survey finds.

The Future of Financial Advice reforms represent a big change to business processes and may require large investments in technology, Mr Plummer says.

Advisers must introduce a biennial opt-in arrangement to ensure consumers are more engaged with financial advice services. Retail clients must receive annual fee disclosure statements.