Advisers surveyed by Momentum Global Investment Management said they had updated their CIP due to the impact of the Coronavirus pandemic (66%) and Brexit (45%).

Market volatility (37%) and a shift in the investment landscape (34%) were also listed as factors driving advisers to update their approach.

Momentum also asked advisers about multi-asset options available to advisers for use in their CIP. Third party multi asset funds (40%) were the most commonly used with model portfolio services (22%) or a combination of the two (37%) also being popular.

Ferdi Van Heerden, CEO of Momentum Global Investment Management, said: “The world is very different to what it was a mere two years ago, and it is great to see advisers adapt by turning to specialists to navigate a more challenging climate."  

Independent research was conducted by Censuswide on behalf of Moment Global Investment Management, based on a national survey of 200 UK financial advisers, carried out in June.

Momentum Global Investment Management became the latest firm to remove VAT from its model portfolio service this month. The asset manager said that the removal of VAT payments will apply to the whole of its risk-rated model portfolio range and will reduce ongoing management fees to 0.25%.

In October Momentum Global Investment Management agreed to acquire fellow multi-asset management fund house Seneca, creating an asset manager with £4.7bn in assets under management.

MGIM said the combined business would create a strong foundation on which to accelerate its growth as an investment provider to the UK adviser market.