SimplyBiz launches new DFM service
SimplyBiz’s financial planning and portfolio management arm Verbatim Asset Management launches service focusing on client-adviser relationship.
Verbatim Asset Management has launched a discretionary fund management service with no required minimum investment.
At a cost of less than one per cent, the new service will accommodate adviser charging, able to pay up to 1.2 per cent per year. Also, customer identity will be kept from the DFM in an effort to reduce disintermediation risk and make it easy to switch managers.
Verbatim Asset Management is a portfolio management subsidiary of the SimplyBiz Group.
Neil Stevens, joint managing director at SimplyBiz and managing director of Verbatim Asset Management, said that current DFM offerings do not adequately meet the needs of advisers, and that this will be compounded by the Retail Distribution Review which will create more requirements not yet catered for.
He said: “Verbatim Discretionary Service is a unique RDR-ready investment solution that has been engineered from the ground up to meet the needs of clients working with a financial adviser.”