Third of financial advisers use custom-managed portfolio service solutions

Almost a third (31%) of financial advisers are using a custom-managed portfolio service to deliver personalised advice, and a further 13% are planning to use one in the next one to three years.

That was one of the finding from an annual survey of 160 UK financial advisers carried out by data provider FE Fundinfo.

18% of those surveyed said that the FCA’s new consumer duty regulation had changed what they look for in a managed portfolio service, with more focus on value-for-money investment and further scrutiny on fees.

The survey found a lack of understanding around the consumer duty regulation, with 33% of advisers remaining unsure about its impact and only 45% believing it has had a positive effect on client advice.

Stephen Ford, adviser product strategy lead at FE Fundinfo, said: “The introduction of consumer duty marked a significant milestone for the financial advice sector, setting higher and clearer standards of consumer protection.

“As advisers navigate this, their role in helping clients navigate complex financial decisions and achieve their long-term goals has never been more critical.”

To register for FE Fundinfo’s forthcoming webinar on improving investor communications click here.

 

 

 

 

 

 

 

 

 

 

 

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