Starved for cash managers to go direct to consumers

“It might be a careful (about) what you wish for scenario.”

Robert Lewis, director at Heritage Financial Solutions, said: “As a financial adviser we see our job as managing the client and selecting suitable investments, I struggle to see how a fund manager can do this. Direct-to-consumer does not offer the client an independent view, in summary I find it a conflict of interest.

“We avoid fund managers where they have a D2C proposition, as advisers we should not be concerned that the fund house behind the scenes is marketing to our clients. We will continue to steer away from any fund house where this is the case.

“Choosing a fund is much more than its quartile ranking, so I fear fund houses could sell to clients on the back of awards and these rankings, which will not be in the interest of the consumer.”