Investors who did not seek advice from financial planners are more likely to have sold their equity investments during the financial crisis than investors who are advised, according to research conducted in the US by Putnam Investments.

Non-advised investors are also less likely to have a formal, written, long-term financial plan.

"In other words, non-advised investors are more likely to have crystallised losses and are probably making reactive, emotional choices rather than decisions that suit their long-term needs, ignoring the basics of a balanced, long-term portfolio," Putnam Investments Australia head of retail Peter Walsh said.

"In contrast, advised investors have made long-term plans and are sticking to them, with some tweaks that take advantage of current circumstances and opportunities," he said.

Although the research was conducted in the US, Walsh said he found anecdotal evidence of similar trends in Australia.

"In Australia, the advisers I speak with say feedback from clients show they are realistic and, despite understandable fear and nervousness, understand that this market downturn is part of the larger market cycle."

Surprisingly, the research found 42 per cent of advisers are moving clients into equities to position them for a recovery in the market, a trend Walsh also sees in Australia.

"Advisers today are continuing to encourage clients to remain exposed to some growth opportunities and not just stagnate in cash," he said.