The vast majority (88 per cent) of UK independent financial advisors surveyed by Investec Specialist Private Bank say the choice of fund and tax wrappers is the biggest factor in choosing a particular wrap platform for client investments, followed closely by value for money and fees (84 per cent).

The average net worth of IFAs surveyed was £422,000 (around $665,000), Investec said. Typically, such advisors use two different wrap platforms, although one in five said they regularly use four or more platforms.

The research found that 49 per cent of IFAs cited consolidating client portfolios as the number one key reason for using a wrap platform. Simplicity/ease of use was chosen by nearly one in four (23 per cent) as the main reason, while 18 per cent believed a wrap platform helped to free up more time to spend on asset allocation and investment management.

A total of 100 IFAs that use wrap platforms and for whom investment/pensions/retirement planning represents at least 25 per cent of their business were interviewed by telephone.