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IFAs are held in higher regard in Australia and the US as consumers there better understand the benefits an adviser can made to their future, according to Ryan Hicke, senior director of wealth service firms for SEI Investments.

Mr Hicke said although the reputation of advisers had improved in Britain over the past decade he had yet to see the same level of appreciation as witnessed across the Atlantic.

He said: "Having a good wealth planner can mean the difference between a comfortable financial future and one that leaves you scrambling for money. To be fair, perceptions of IFAs have improved since I came over from America but there is still some catching up to do in this respect."

Referring to the move towards more holistic financial planning, Mr Hicke said this remained very much the Holy Grail of the industry and remained a work in progress.

He said: "What is expected of an IFA has changed over the years and the main challenge facing this sector is re-focusing their proposition on advice and service and not so much on products. There has to be a whole customer experience based on holistic financial planning yet technology and providers have not solved this totally.

"It remains the Holy Grail of the industry and ironically it is only now we are seeing large IFA firms really push the boat out to offer bespoke and very personal service to clients. It is not all about KFIs and charts."

Mr Hicke said three main challenges faced the global IFA sector with issues surrounding growing revenue, reducing risk and reallocating capital.

He said: "Technology has had a part to play and we are always receiving requests for more tools to help IFAs mitigate risk on investments and so forth. Yet this does not mean the personal touch has been lost."

Matthew Fleming Duffy, mortgage broker for Bournemouth-based Abacus Financial Ltd, said IFAs were regarded with respect by those who used them and the overall profile of the sector was rising.

He said: "I would say IFAs are known by those who go to them for advice as someone who can make a difference to a client's future. However, it is those people who don't come to us who remain a concern as they may be most in need of help.

"Service has always been important and is always essential to offer a good all-round experience."