Brexit turmoil sees Chartered IFA hand clients' assets to DFM

Brexit turmoil sees Chartered IFA hand clients' assets to DFM

IFA Regency Investment Services has chosen James Hambro & Partners to provide the core investment solutions for its £150m of client assets.

The money will be deployed into James Hambro & Partners' four core portfolios.

Regency managing director Dominique Vinecombe currently leads a small in-house investment committee, building risk-rated model portfolios under an advisory system that requires client permission for each change of investment.

But she said while this has delivered "a very good investment service for many years", in a post-Brexit world she said she decided the firm "needs to be more agile".

"The administrative challenge of getting written approvals from 900 clients for portfolio rebalancing and tactical asset allocation moves – and the time that takes – is not ideal in volatile and rapidly changing markets," she said.

“We felt it was time to review the process and to bring in a dedicated investment partner we could trust to deliver the expertise and quality of service our clients have come to expect.”

Andy Steel, chief executive of James Hambro & Partners, said: “Regency is an incredibly well-run business with very high standards that match ours. The work we’ve already done together to ensure a smooth transition shows we’re a good fit and have a shared focus on delivering the best service for the clients.

"We’ve invested heavily in developing our adviser proposition in recent months and the Regency deal is an example of exactly the kind of partnership we are looking for.”

Ms Vinecombe added though James Hambro & Partners is delivering the investment service, she is committed to keeping a close eye on the investment process.

She said: “What our clients value most from us is the time we spend with them reviewing their financial goals and objectives. They take it for granted that their money will be managed well and I want that to continue.

"I’ll be working closely with James Hambro & Partners in delivering the investment process and decisions and that’s why we put so much effort into finding a partner we can work closely with.”

James Hambro partner and portfolio manager James Horniman said current markets present a real challenge for advisers and investment managers.

"With interest rates so low and gilt yields turning negative, there is a real challenge to protect and grow wealth.

"We have a strong performance record over the past six years – not just in investment terms but also with client service – and will be looking to extend that to Regency’s advisers and clients.”

Justin King, chartered wealth manager and chartered financial planner at Dorset-based MFP Wealth Management said: "It's quite an interesting one this change to DFM scenarios.

"What I'd want to know is what the additional cost of investing for the client is. One investment solution over the other you'll never know if it's the right thing or the wrong thing.