Discretionary manager promises to close ‘suitability gap’

The last three vary on the individual firm and client, but Mr Roberts said that most advisers charging 0.50 per cent on a “keenly-priced” platform will offer a total ongoing charge of less than 2 per cent and in certain cases significantly less.

A Personal Finance Society good practice guide published in February tackled some of these issues as it sought to help advisers develop their approach to due diligence on DIMs, as should things go wrong for a client in this situation, the liability for compensation would most likely fall upon the adviser.

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