The research, which was carried out by NMG Consulting on behalf of APFA, also showed that three in four advisers have not yet considered how their business would be affected if Scotland became independent from the rest of the UK.

The 21% of advisers that have considered how Scottish independence will affect their business said they were concerned that it would result in widespread uncertainty both sides of the border, with concerns about how providers based in Scotland would interact with clients in the rest of the UK flagging up highest.

In total, 94% of advisers surveyed said they use providers based in Scotland, and some said they may no longer be able to offer those providers’ products and services if Scotland split from the UK.

APFA director general Chris Hannant (pictured) said: “The vote on Scottish independence isn’t just an issue that affects people in Scotland. Many advisers will have customers on both sides of the border and more will recommend providers based in Scotland to customers elsewhere in the UK.

“I would expect greater clarity as to what would happen over the coming year and it is in the interests of advisers to keep an eye on the independence debate as it develops.

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“It’s an issue that all advisers need to bear in mind when planning for their business, regardless of where they are based.”

APFA’s research was carried out among 225 financial advisers at the beginning of June.