Some 40 per cent of advisers responding to a Barclays Wealth survey expected the uncertainty to last between six to 12 months, with a further 17 per cent believing it would be at least a year before the markets calmed.

An optimistic two per cent said they thought markets would regain stability within weeks.

Equities are the investment of choice for IFAs, with almost half (48 per cent) saying they thought international equities would fare well among all asset classes in 2008.

A smaller 14 per cent of the 119 respondents put their money on UK equities as being the ones to watch.

Barclays Wealth director Colin Dickie said: “Volatility is a huge concern for advisers and there is clearly a widespread belief that it is not going to end any time soon.”

The recent Lloyds TSB Wealth Management report showed that a fifth of stock market investors have moved their money into less risky areas.

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