Financial advisers are paying more attention to liquidity – and less to fund manager reputation – in the wake of the Woodford collapse.

The research from the Association of Investment Companies (AIC) found that the most common lessons advisers have learned from Woodford are to give more consideration to liquidity when choosing investments (47 percent of respondents) and to be less trusting of a fund manager’s reputation (41 percent).

Three-quarters of advisers (75 perc...