Three quarters (74%) of the advisers surveyed for the Scottish Widows report agreed that the advice gap - the lack of affordable financial advice - was an adviser problem.

However, four in ten (40%) of non-advised investors also surveyed (with portfolios of a minimum of £100,000 in investable assets) cited cost as the highest barrier to paying for financial advice.

A third (28%) were not convinced advice would save them money, while 15% did not see the value financial advice would bring them.

However, only a quarter (26%) of the investors surveyed categorically stated that they did not want to pay for advice, demonstrating scope for advisers to convince investors of the value of their services.

The report from Scottish Widows found that the Consumer Duty could provide a good selling point for advisers. Over half (52%) of non-advised investors surveyed said the new Duty would make them more likely to seek advice on their investments.

Those who were receiving advice saw it as worthwhile. The majority (82%) of advised clients said the advice they received represented good value for money.

Almost nine in 10 advisers (87%) surveyed said they added between 2.1% and 4% in value per annum to clients’ portfolios.

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.”

• Scottish Widows surveyed 502 advised consumers, 500 non-advised consumers and 502 financial advisers with less than £500m in assets under advice between 8 and 18 September.