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Mr Ferguson believes that in a period when many investors are concerned about the safety of their money and the spotlight is very much on financial matters, the need for professional financial advice is stronger than ever.

He said: “The current turbulent market conditions, while deeply unsettling for all concerned, serve a timely reminder of the need for premium financial advice.

“Advisers would be well served to use this backdrop to consolidate their clients’ assets on to one platform and embark on a more aligned and professional long-term service proposition for clients.

“It may just be that the on-going credit crunch provides the catalyst for greater professionalism in the UK advisory market.”

Mr Ferguson said that, in such a climate, advisers should consider using wraps as they offer better transparency for their clients.

He said: “Now, more than ever it is not sufficient for wrap providers to hide behind a bundled charging structure concealing all kinds of conflict of interest and hidden deals. If recent experience has taught us one thing, it must be that investors need to be able to see the full picture.”

Nucleus Financial Group has a total of 60 IFA-member firms using the platform with the total number of funds available to advisers in excess of 2000.