Dan Boardman-Weston, chief executive of BRI Wealth Management, said:

As Mr Church recognises, the portfolios have quite a lot in common, leading to a lack of diversification. The other issue is concentration: overall, more than a fifth of their money is invested in two infrastructure investment trusts. 

We would recommend that he reduce these holdings so that they are less than 5pc of the overall portfolio. If he wants to stay invested in infrastructure we would recommend that he look at the Gravis UK Infrastructure Income fund, which has returned 23pc in the past three years.

The portfolio could benefit from a holding in commercial property, as it can provide good protection against inflation and attractive income. LXi Reit and Warehouse Reit are good options; they have returned 28pc and 23pc respectively in three years.

The portfolio also has quite a high allocation to passive tracker funds. While they have the benefit of being cost-effective they can struggle during more difficult market conditions. We feel that we are heading into a more challenging market environment and that paying for some more active management may prove beneficial. 

For British companies, we like the Premier Miton UK Multi Cap Income fund and the Liontrust Special Situations fund. For international stocks, Liontrust Global Dividend and Guinness Global Equity Income are both good options.

Finally, Mr Church describes himself as risk averse, which seems at odds with the fact that nearly 80pc of the portfolio is invested in stocks. While this is likely to maximise the chances of passing on some wealth to his daughter, it puts at risk his other objective of ensuring that there is a pot of money to pay for care services if required. 

We’d suggest reducing his allocation to stocks and putting more money into multi-asset funds such as Personal Assets Trust, Capital Gearing Trust and the Ruffer Investment Company.