Q: What is the biggest change you have seen in the industry since you joined?
The increased focus on delivering better customer outcomes and reducing costs. The FCA and wider industry have done a tremendous job in ensuring that end-clients are benefiting from higher levels of service and better due-diligence, while focusing on reducing financial burden as well.
It certainly is one of the top priorities for Brooks Macdonald and, while it has significantly changed the daily tasks and responsibilities of investment managers, it has resulted in better client outcomes. Client suitability and KYC questionnaires were not very common in the noughties, but no self-respecting firm would be able to function without a high degree of client knowledge and focus on their outcomes these days.
See also: Brooks Macdonald nets £400m inflow as assets climb to £16.8bn
Q: What is the investment topic most often brought up by your clients?
High inflation and interest rates have been at the top of the agenda for over a year now. No-one is immune to the cost-of-living crisis, so clients are very keen to hear how their portfolios are being protected against this economic environment and if there are investments that benefit from it.
Interest rates are also contributing to greater uncertainly, especially in more defensive portfolios with higher fixed interest weighting where historically they would have offered dependable income and protection. Educating clients on these topics and explaining this change has been key in ensuring their support and building stronger relationships.
Read the full article in Portfolio Adviser’s June 2023 magazine
