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Excessive focus on capital gains tax changes have led to IFAs ignoring other important charges, Paul Wright, investment management director for Zurich, said.

Speaking as Zurich launched a wrapper comparison adviser tool, Mr Wright said the new proposition would help IFAs take a more overall view of investments with aspects such as income tax and management charge incorporated into the tool.

He said: "CGT changes in the budget have really stolen the show, so to speak. Tax is only one aspect of the investment advisory process and although CGT is important it should not overshadow other factors.

"Real confusion seems to exist. Many people seem to think that all returns come from growth and not income, meaning they are a bit surprised when their investment becomes liable for income tax. Management charges also seem to have been lost in the mix and IFAs and clients alike should start to see this area more as an overall package as opposed to a series of independent factors."

Mr Wright said the new investment tool had proven to be very popular among the sample group and would help with the advisory process.

Advisers using the wrapper comparison adviser tool will be able to assess the comparative returns from UK investment bonds and unit trusts/Oeics, showing total cash return from the different product wrappers and the relative annual return.

This includes examining various levels of income and withdrawals, optimising annual capital gains tax exemptions and showing the effect of changes to the clients tax rate over a period of time.