Many have realised that their most valuable skill is handling their client, working out what they really want from their finances and how they are going to get there.

Many services have arisen over the last few years which help advisers outsource the investment process - multi-asset funds and discretionary fund managers are two of the most usual types of product that advisers resort to.

Multi-asset funds have been around a long time, but have really come into their own in the last few years as they build an off-the-peg portfolio-type of product, especially suited for those with less money to invest and for people new to investing.

Discretionary fund managers have been moving into this area too. Conventionally set up to design bespoke portfolios for those with significant assets, DFMs have been designing model portfolios, a more off the peg solution, designed especially for those with fewer assets.

The DFM industry has risen dramatically in the last few years, not least because managers have realised that the financial advice industry is a potentially captive market that is bringing many more clients into the investment arena.

Many of these DFMs have made their model portfolios available on platforms, so they are eminently accessible to financial advisers. It is important for financial advisers to do due diligence on any DFM they are proposing to use, especially now with pension freedoms, as more people decide to do more interesting things with their pension fund.

Melanie Tringham is features editor of Financial Adviser