Brewin Dolphin, Brooks Macdonald, Investec Wealth & Investment, Quilter Cheviot and Rathbones, whose combined discretionary assets total more than £130bn, will run a range of initiatives to support advisers, kicking off with two conferences in June.
The objectives of the alliance are to educate advisers on the benefits of outsourcing their investment management, offer a framework to help with carrying out DFM due diligence, work with advisers to help improve best practice and dispel the myths often associated with outsourcing and what it means for financial advisers.
The alliance is positioned as a ‘partnership of equals’ and will be listening to industry demand in terms of its evolution and extending membership to other DFMs.
With one conference taking place in Harrogate on 6 June and one in Oxford on 8 June, the agenda includes industry updates including compliance and due diligence, global economic influences and will offer advice on futureproofing the advisory business model to meet future challenges.
Hosted by broadcaster Nick Wallis, speakers will include former FCA technical specialist Rory Percival, DFM consultant Tony Bray and The Sunday Times economics editor David Smith.
Mark Stevens, head of intermediary services at Investec Wealth & Investment, said: “The formation of the DFM Alliance will help address the changing role of the adviser in recent years. Clients are looking for broader, holistic advice and are more amenable to the adviser outsourcing in order to gain access to a greater level of investment expertise. Managing investments is a full-time job, particularly at a time when it is harder to make good returns with appropriate levels of risk.”
