Meanwhile, falling yields for fixed income make equities look more attractive by comparison, particularly in the UK – a market semi-abandoned by international investors as a result of Brexit concerns. 

That has left many UK shares trading on attractive yields, to the benefit of advisers’ UK equity income favourites. A mass of dividend cuts, of the kind recently seen at Vodafone, looks unlikely in an era when every corporate knows how highly payouts are valued by investors. 

Intermediaries will still have confidence that their tried-and-tested strategies have not yet reached the end of the road.