Almost three quarters of advisers believe the advice gap is their problem, with many seeing themselves as having the greatest potential to close this gap.
According to the Scottish Widows Investor Confidence Barometer, of the advisers asked, 20 per cent said they see technology, including AI, as having the potential to shrink the advice gap.
The same amount feel that established savings providers can make the biggest impact.
However, just 13 per cent felt regulation offered the most potential to close the gap.
The study also asked advisers whether they provide specific advice for investors with smaller portfolios, with 68 per cent saying they did.
While another 19 per cent said they were considering introducing advice for investors with portfolios under £50,000.
In the same area, almost 90 per cent surveyed said they believed that retail bank direct to consumer propositions for sub-£50,000 portfolios were beneficial in introducing consumers to investing.
The survey also spoke to 1,000 investors, half of which received advice and half which did not.
Of the non-advised investors, the majority (40 per cent) with £100,000 of investable assets said the cost of advice was the biggest barrier for them, while 28 per cent were not convinced advice would save them money.
It also found more than half of non-advised investors said the roll out of consumer duty would encourage them to seek advice.
However, for advisers, consumer duty has increased their workload meaning nearly three quarters said they have increased their minimum portfolio size in the past 12 months in response.
Jamie Drewett, head of intermediary sales at Scottish Widows, said: “The advice gap is a particularly pressing issue in times of high inflation, when some investors with lower-value portfolios are at risk of seeing their predominantly cash-based savings slowly erode in value.
"It’s great to see advisers stepping up to the challenge by building out lower-value portfolio propositions. Outsourced investment solutions, digital platforms, and online communication channels all help to open up options for taking on lower-value clients.
"The latest evidence from our survey supports the view that advice is demonstrably valuable and advised client satisfaction remains high. However, there is a perception gap around value with some non-advised investors, and we’re looking at ways of supporting our advisers in championing the value of advice to bridge that gap."
tara.o'connor@ft.com
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