Research by American firm Cerulli Associates found the majority of advisers work as investment planners rather than Financial Planners.

The firm carried out its seventh adviser metrics survey which asked advisers to classify their firms based on their perception of the services they offer.

Cerulli then reviewed these services and determined which classification is most reflective of the adviser’s firm.

While many firms offered some basic Financial Planning, most of their time was spent on asset accumulation strategies.

Scott Smith, head of Cerulli’s intermediary practice, said: “Firms have encouraged their advisers to expand their advice relationships with clients, however, advisers tend to overestimate the degree which they are involved in the Financial Planning process.

“The movement to extend advice services is likely being accelerated by turbulent markets as advisers who base their value to investors on investment performance have suffered more than those with broad advice relationships.”

He said the problem was that many clients simply did not need a comprehensive Financial Planning service. Clients with significant sums of investable assets often did not require features such as estate planning or private banking services and had relatively straightforward requirements.