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Platform providers have warned about the dangers of IFAs lacking knowledge about portfolio planning.

Graham Bentley, head of investment marketing for Skandia UK, said that with the increasing number of providers developing asset allocation tools, IFAs should at least understand enough to be sure what the systems are showing them.

He said: "IFAs need to be able to demonstrate that they understand how portfolio theory works and understand the tools. A little knowledge is a dangerous thing."

He said: "If you asked an IFA straight out how does diversification work, they probably would not have the analogy to explain it."

Mr Bentley's comments come as the Adviser Forum published Good Practice notes on the use of risk profiling and asset allocation tools. Ian McKenna, chairman for Adviser Forum, said: "With tools of this type increasingly playing a pivotal role in the advice process, it is essential that advisers be able to demonstrate exactly why they have selected a given tool, that they understand the economic assumptions that underpin the tool as well as the content of the portfolios that sit beneath it.

"The FSA has raised valid questions over adviser knowledge of such tools".

Skandia has launched asset allocation tools under the Selestia Investment Solutions platform.

Skandia is training up IFAs on the platform, which went live in the middle of August.

Fidelity Fundsnetwork is also working to educate advisers about its platform.

Rob Fisher, head of sales and marketing for Fidelity Funds network, said: "The adoption of platforms is still relatively new. As we launch new things we monitor how people are using them to make sure they get the most out of it."

A number of IFA firms have said they want to start a graduate scheme and have asked for our help with the training.

"There are specific skills you need if you want to operate a platform. I tell advisers to have that plan B and to think about who is going to be around in the long-term."

Mr Fisher said that next year Fundsnetwork was planning to enhance its web service for advisers and would be launching a cash account service on the platform.

Kelvin Lillywhite, financial consultant for Surrrey-based Best Advice Financial Planning, said: "Across the industry, uptake of asset allocation tools has been massively increased in the last few years. The biggest danger is that advisers just see it as a potential out-sourcing of some of the responsibility. It does not really work if clients' attitudes to risk has not been ascertained correctly."