Nine out of 10 (90%) advisers use multi-asset strategies for accumulation and decumulation, according to new research by Aegon.

That makes it the most-used investment structure among those surveyed.

Overall, a quarter (25%) of all client assets are held in multi-asset funds.

Almost two-thirds (63%) of advisers recommend multi-asset funds for their diversification, followed by risk-rated fund selection (45%) and asset allocation expertise (35%).

According to the study, three-fifths (60%) of advisers would recommend multi-asset funds to clients with less than £100,000 to invest, while more than a third (37%) would recommend portfolios from discretionary funds managers (DFMs) to clients with more than £500,000 saved.

More generally, almost two-thirds (63%) of advised assets utilised outsourced solutions, such as multi-asset funds, DFMs or model portfolios built using external expertise.

The findings from Aegon’s latest Adviser Attitudes report showed a number of new and continued trends within investment advice.

However, although the findings showed that multi-asset funds are the most popular, the investment structure chosen by an adviser also depended on client circumstances and needs.

More than half (53%) of advisers considered multi-asset funds to be the least expensive approach. Consequently, multi-asset funds were the most recommended structure for clients with less than £100,000, with 60% of advisers favouring the option. In contrast, 80% of advisers considered DFMs as the most expensive investment approach, while also being the most recommended structure for clients with more than £500,000 in savings, with 37% of advisers endorsing the option.

Moreover, advisers were increasingly turning to external solutions when managing their clients’ assets. Almost two-thirds (63%) of advised assets made use of such solutions, including multi-asset funds, DFMs or model portfolios built using external expertise.

Lorna Blyth, managing director, investment proposition at Aegon, said: “There’s no doubt that elevated market volatility has made the past three years an incredibly challenging and unpredictable period for investment advice. But, as we start to see a gradual return to normality, it’s encouraging to know that the majority of advisers are aligned and feeling confident in the strategies employed by their clients’ investments.

“In particular, our research shows advisers favour multi-asset funds as their primary investment structure, with 25% of all client assets under management in such funds. This is likely due to their considerable versatility and diversity, and the ability to select options that align to different risk appetites.”

Research based on the views of 200 financial advisers from across the UK. Fieldwork was conducted by Opinium between 8 to 15 January. Results have been rounded to whole numbers.