Advisors have over $42 million on average invested in mutual funds, up from $36.8 million a year ago, but they're working with fewer asset managers, according to a Cogent report.

The proportion of mutual fund assets being managed by an advisor's primary provider increased to 39 percent in 2014, from 33 percent in 2013. However, advisors reported working with fewer asset managers this year; about 10.1, down from 10.8 in 2013.

Wirehouse advisors and RIAs saw the most significant declines in the number of fund managers being tapped. They also saw big increases in money concentrated with a single provider, said Meredith Lloyd Rice, senior product director at Market Strategies and author of the report.

“RIA’s concentrate about half of their assets with their primary provider. This demonstrates the importance of being an advisor's primary mutual fund provider,” said Rice.

Dimensional Fund Advisors and American Funds were the two companies advisors invested the biggest share of their mutual fund dollars in, the report found. Ivy Funds, American Century Funds and Goldman Sachs also saw significant increases during the same period.

The report also found that over the next two years, advisors anticipate increasing their exposure to less traditional asset classes. Thirty-nine percent plan to increase investments in emerging markets and 32 percent in non-U.S. public equities.

Twenty-three percent of advisors anticipate reducing exposure to fixed-income products and 17 percent anticipate reducing cash.

The Cogent Advisor Brandscape report was conducted February thru April. Over 1,400 advisors with at least $5 million in assets under management participated.