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Multi-manager: We can expect an end to dual pricing
At the time of writing I am, like many others in the industry, eagerly awaiting the publication of the newly-named Retail Distribution Implementation Programme with a mixture of interest and trepidation.
If, as the third goal of the RDR hopes, clients become more capable and confident, they are also likely to become less loyal to their advisers. If an IFA, rather than defend his own investment decisions, works together with his client to source appropriate solutions, this is likely to result in fewer surprises for the client and ultimately a longer-lasting relationship.
But multi-managers beware - this is not the only outsourcing investment solution. The discretionary fund manager is making a comeback in the retail world and should be regarded as serious competition in this space.
Fraser Donaldson is principal consultant for investments at Defaqto