This is according to new research commissioned by UK wealth manager .

The findings are published in Raymond James' new white paper entitled The Long Game: Why Partnership is the New Source of Differentiation, which explores how expectations of outsourced investment partners are evolving.

The study also found that 45 per cent of financial advisors have experienced only a slight reduction, or no meaningful reduction, in their workload after outsourcing investment management. Rather than eliminating responsibility, outsourcing often changes its nature, with firms spending more time on oversight, governance, provider due diligence and client communication.

"Outsourcing investment management can deliver significant benefits, but responsibility for client outcomes ultimately remains with the financial advisor," Tom Hawkins, director of business development at Raymond James, said. "The findings reinforce the fact that advisors continue to play a central role in governance, oversight and suitability. While portfolio management may be delegated, accountability cannot.

"As a result, financial advisors increasingly value providers that do more than manage investments. They want partners who can support governance requirements, help navigate periods of market volatility and provide the expertise needed to support client conversations."

The research suggests that as outsourcing becomes more established across the market, financial advisors are placing increasing value on the support, accessibility and expertise surrounding an investment proposition, rather than focusing solely on investment performance.

In essence, the report found that responsibilities are increasingly shifting away from portfolio construction and fund selection and towards provider oversight, due diligence and client engagement.

The report concludes that successful outsourcing relationships depend not only on investment capability, but also on the strength of the partnership between provider and the financial advisor firm.