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The firm’s Adviser Fees and Business Models report has shown that 11.7 per cent of advisers described themselves as restricted in June 2014, compared with 3.7 per cent last year.

The research suggested this could be down to advisers realising the amount of time and cost that being independent involves.

When it came to the type of product being offered, 98.1 per cent of advisers said they currently advise clients on investments and savings, 77 per cent on insurance and 55 per cent on tax. Only 29.6 per cent of advisers advise their clients on healthcare.

People approaching retirement, between ages 50 and 60, made up the largest group of an adviser’s client base at 25.1 per cent, followed by those aged 65 and above at 24.2 per cent and those aged 35-50 years old at 23.9 per cent.

Experience to provide advice also does not seem to have dwindled, with respondents on average having 17.3 years in the industry.

The average adviser firm said they were now bringing in around £293,000 a year, up £22,000 from the 2012 revenue levels.

CoreData researchers claimed that more business could be coming the way of the advisory sector, thanks to the end of the need to buy an annuity and the ability to cash in a whole pension pot.

It said: ‘More money would be invested outside of annuities, which could impact adviser businesses significantly.’