Government, schools and the industry should do more to highlight the value of professional financial advice, the survey found.

The research from Openwork, one of the UK’s largest advice networks, also found that, in the view of advisers, clients valued advice and were willing to pay for it.

Most (65%) of the Financial Planners surveyed said their clients were willing to pay for advice when provided with an explanation about its value, while 38% were are willing to pay without any explanation.

Some 3% of advisers surveyed said they regularly lost clients due to inability to afford fees.

The study found widespread support from advisers for a campaign involving schools, the Government and trade bodies to promote the value of advice particularly in the current challenging circumstances.

Nearly two thirds (65%) of those surveyed said more emphasis should be placed on financial advice as part of financial education in secondary schools.

Just over half (51%) said financial trade bodies should invest more in promoting the benefits of advice.

Planners surveyed by the network also wanted action from the Government, with nearly half of those surveyed (47%) saying that a Government-backed campaign targeting working adults would be equally effective at promoting the value of Financial Planning.

• Research conducted among 115 financial advisers by research agency Pollright during March 2020