The Federal Reserve on Wednesday reaffirmed its commitment to a "highly accommodative" monetary policy, maintaining a near-zero federal funds rate at least through the end of next year. While that is great news for individuals and businesses taking on more debt — such as home buyers and refinancers — low rates remain a significant challenge to retirees and their financial advisors.

A new study by the consultants Howard Schneider of Practical Perspectives and Dennis Gallant of GDC Distribution Consulting examines the challenge of low rates (and other topics) in their report Trends in Advisor Delivery of Retirement Income – 2012. Schneider and Gallant presented their findings on a live webinar Wednesday sponsored by the Retirement Income Industry Association.

The Trends report, based on 377 completed advisor surveys, found that "85 percent of advisors perceive that low interest rates have impacted their ability to support retirement income clients." Low rates have impacted all advisor channels, though RIAs and insurance advisors appear less affected than wirehouse, regional, independent and bank advisors.