Forty-five per cent said SMAs were less of an administrative burden than direct shares and 42 per cent said SMAs were an efficient way to access professional funds management.

“It’s pleasing to see advisers beginning to recognise that SMAs offer the ‘best of both worlds’ in terms of providing the efficiency and expertise of professional funds management, as well as the transparency of a direct equity portfolio,” said Andrew Tracy, executive director and manager of financial intermediaries at JBWere.

“This is especially important for SMSF clients, who generally value transparency and control of their investments, but are also looking for assistance on the management and reporting side,” he added.

However, barriers to SMA use include their not being available on platforms, with upwards of 20 per cent of advisers who currently recommend SMAs saying they were not available on their investment platform.