A third (36%) of financial advisers are striving to increase existing clients’ assets to build organic business growth, according to a new report.

Advisers told Nextwealth and Aegon that increasing their proportion of existing advised clients’ investable assets would boost their business and enable them to develop more tailored and coordinated financial plans.

A quarter (26%) of the advisers surveyed said they were currently tracking their share of clients’ 'wallet' as a key metric.

Advisers who have a formally defined profile of their ideal target clients were twice as likely to track share of wallet (50%) than those who have only an informal idea of their ideal client (26%).

Those who had no target client profile were least likely to track share of wallet (10%).

Stephen Crosbie, managing director of adviser platform at Aegon UK, said: “From a purely advice-led perspective, tracking share of wallet enables advisers to spot potential strengths and opportunities or gaps and threats within their client’s entire portfolio, empowering coordinated plans, informed decisions and possibly better financial outcomes.

“However, share of wallet's greatest opportunity might lie in what it represents from a more personal relationship point of view. It shows a willingness to understand the client more deeply and where their priorities lie, which can go a long way in showcasing how you’re putting the client and their complete financial wellbeing above all else.

"This may strengthen trust and open new conversations that allow you to then bring their wider assets onboard and make those better decisions.”

• Nextwealth surveyed 200 financial advisers in March, with in-depth interviews with 11 financial advice firms.