Registered investment advisers (RIAs) expect to see increased usage of exchange-traded funds in client portfolios, while aversion to risk remains high, according to results of an Invesco market research study.

RIAs surveyed believe ETFs will make up 24 per cent of portfolio allocations over the next 12 months and 33 per cent over the next three years, representing a 10 per cent increase over results reported in Invesco's survey of RIAs in 2011.

Against a lingering backdrop of global economic uncertainty, RIAs still see clients remaining vigilant in their aversion to risk as 91 per cent believe their clients are more interested in minimising losses than maximising gains.

"This year's study continues to show how RIAs are embracing the value of ETFs and the many ways they can be implemented in their clients' portfolios," says Bobby Brooks, national sales director for Invesco PowerShares. "But even as the equity markets have enjoyed a strong run year-to-date, RIAs are still indicating that risk management is a primary focus and they are looking to a variety of products, including alternative assets, to manage risk."

With such issues as portfolio allocation and risk management in mind, Invesco partnered with Cogent Research to conduct its second blinded study to learn what is top of mind for RIAs and their clients given current market conditions.