"IFAs don't understand investment trusts, and the golden rule of investing is don't invest in what you don't understand, so I'm not expecting RDR to lead to a resurgence of trusts," he said.
His views come despite reassurances from the FSA that RDR will create a more level playing field for investment vehicles when it is introduced in 2012.
"Trusts fully deserve to get more attention, but the perception is that they’re complicated. Investors aren't comfortable with the idea of gearing and discount volatility," Walls added.
Industry experts agree.
"People fear change, and clients don't like what they perceive as complex ideas. One of the core failings of the market is a failure to educate clients on products. Investment trusts have their place, but investors need to be informed on them, which is unlikely to happen any time soon," Bentley Jennison Financial Management's David Wynn said.
Meanwhile, AFH Wealth Management's Graham Toone was equally sceptical of the RDR's ability to bring about change.
"We look at all vehicles, and try to recommend what is best for the client. RDR is not going to change that. Investment trusts are for a certain type of investor," he added.
But the AIC, which represents the investment trust industry, said they remained positive about RDR's impact on the popularity of investment trusts.
"We're cautiously optimistic about the outcome of RDR for investment companies and believe that it has the potential to be broadly beneficial for investment companies as advisers with an independent status will have to consider a broader range of products," it said.
The body added: "We aim to work alongside other industry figures to put together a training and education programme for IFAs and we are keen to work with relevant parties to provide suitable training initiatives, and this is a key priority."
Performance of Unicorn Mastertrust vs IMA Active Managed sector over 1-yr
Source: Financial Express Analytics
Walls manages the Unicorn Mastertrust, a fund of investment trusts which has outperformed its IMA Active Managed sector over one, three and five years, according to Financial Express data.