A small minority of Financial Planning clients also held positions in speculative and illiquid assets, according to the survey from Boring Money. The research found that 9% of investors using a Financial Planner also held some cryptocurrency assets, whilst 4% said they had a peer-to-peer or crowdfunding platform account.

Boring Money said these clients with a ‘side-hustle’ in DIY investing use the account to experiment in speculative assets, trade shares, and dabble in riskier assets alongside their advised portfolio.

Jessica Galletley, research manager at Boring Money, said there does not seem to be a correlation between client satisfaction and these ‘side-hustles’. She said: “Our findings indicate that advisers still retain remarkably high customer satisfaction rates, and we think that in most cases clients are just indulging in some investments they can experiment with outside the scope of the advised relationship.

“Nonetheless, it is important that the Financial Planning industry is alert to the fact some clients are dabbling in other assets, and will have a foot in both camps – advised and DIY investing.”

Boring Money surveyed 6,698 nationally representative UK adults over 18 years old in spring this year.