Professional Wealth Managementt

By PWM Editor

Best in class Last month we discussed the challenge of building the correct asset allocation structure. This month we discuss how those assets can be managed to provide the best service for your clients. In the UK, over the last three to five years, open-architecture delivery of investment through third-party distribution of mutual funds and sub-advisory relationships has revolutionised access for investors to top-performing managers and funds. It provides access to one-stop shopping and enables more consistent and robust product due to the ability to change investment content. However, it is surprising that the associated benefits are still not universally accepted. The investment decision is crucial to the investor and eclipses the value of most other forms of advice given to clients – even taxation, given consistent reduction of tax benefits across investment products. Yet, despite the importance of this decision, investment remains a small part of the advice given to clients, with the majority of time spent on advising which wrapper to use – be it an Isa, bond or unit trust rather than which fund can best meet their investment needs.

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