Iain Ramsay Staff Photo

Dear IFAs, Don’t forget the boutiques…

March 13, 2017

Our Senior Analyst, Iain Ramsay discusses…

Dear IFAs, Don’t forget the boutiques…

I was interested to read that Brewin Dolphin, Brooks Macdonald, Investec Wealth & Investment, Quilter Cheviot and Rathbones have just joined forces to create the DFM Alliance, which aims to provide financial advisers with a platform for improving client outcomes through information, education and collaboration.

While the discretionary fund manager (DFM) market has grown in the past few years, the DFM Alliance is aiming for greater clarity for advisers around the concept of outsourcing, its potential benefits to the adviser and the end-client, and what best practice is across key areas. These include educating advisers on the benefits of outsourcing investment management; providing information for advisers to draw on when undertaking DFM due diligence; working collaboratively with advisers to assist in improving business practices for the benefit of the end-client and debunking the myths around working with a DFM and what it means for advisory businesses.

Outsourcing investment management allows advisers to concentrate on providing good impartial advice for clients, however, information about the sector is often disparate. While it’s encouraging to see the industry taking matters into its own hands and educating the financial adviser market, advisers should also take the time to engage with boutique DFMs that take a different approach to wealth management and service for clients and may actually be a better fit for the adviser business or the end-client. In some ways, the fact these huge brands are joining forces could lead to restricting choice and competition so we’d encourage all DFMs to lead the way in educating the adviser market and driving up standards.

We work with a number of independent financial advisers and welcome any questions on the opportunity to discuss further how Creechurch Capital works for its clients.

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