Financial advisers who outsource the investment management of their client portfolios earned a greater salary after making the switch, according to data compiled by Rathbones.
The investment house spoke with 100 financial advisers, some of whom use discretionary fund management (DFM) services and some who do not.
An adviser survey by rival fund house Schroders had previously shown that around 48 per cent of advisers outsource investment decisions.
Rathbones found 12 per cent of the advisers it spoke to, who use discretionary fund management services, saw an increase in income of 20 per cent, while other advisers reported salary increases of lesser amounts.
The advisers cited said the ability to spend more billable hours with clients was the main reason for the salary increase.
The survey found that use of discretionary fund management services was more prevalent among larger advice firms, with those participating in outsourcing typically having 14 per cent more clients than firms that do their own investment management.
Rathbones survey stated revenues for firms that use discretionary fund management were around 18 per cent greater at £220,716 per adviser against £186,606 per adviser in firms without outsourced support.
Advisers who were less positive towards discretionary fund management listed costs and maintaining client relationships as reasons not to outsource investment management.
Rathbones research showed 5 per cent of advisers who have not opted to use a DFM had done so because they fear the fund manager would steal their clients from them.
A smaller proportion (4 per cent) of advisers were worried they would lose control of the investment value chain.
Mike Webb, chief executive of Rathbone Unit Trust Management, said: "We hoped to shine a light on the drivers of the shift to DFM and the impact it can have on advisers, and the results have revealed some striking differences between the users and non-users.
"This report can provide the information needed to further improve the offering for advisers by focusing efforts on areas such as performance, value for money, transparency and tailoring investment solutions for more specific client needs."
Paul Stocks, financial adviser and financial services director of Dobson & Hodge in Doncaster, said he finds outsourcing investment to be unsuitable because of the differing needs of every individual client.