According to a statement, Midwinter found that just over 57 per cent of the 103 Australian advisers surveyed believe the budget would negatively impact their clients.
Only around 7 per cent of advisers believed the budget would have a positive impact on clients, the statement said.
The survey also revealed that 35 per cent felt the budget would negatively impact their own business.
Midwinter managing director Julian Plummer said this is mainly due to the "increased administrative burden as well as training and business rules changes".
But on the flipside, 25 per cent of advisers viewed the budget as a positive opportunity.
"Now is a good time for advisers to be reaching out to their client base to let them know they are on top of the changes and how it impacts them," Mr Plummer said.