Advice firm CEO: Why my DFM relationship works

'Arm's length at a reasonable cost'

Tom Ellis
clock • 4 min read

Discretionary fund managers (DFMs) are often maligned in the financial advice space. That said, it is a popular outsourcing investment solution among financial advisers, despite their apparent lack of 'street cred', so Tom Ellis spoke to Murphy Wealth CEO Adrian Murphy about his firm's use of a discretionary manager

Glasgow-based financial planning business Murphy Wealth has been using DFMs for years, with varying degrees of success, as its CEO puts it, but has only recently found a wholly satisfactory relationship.  The firm uses Tatton Investment Management, which offers portfolios at the low cost of around 0.15%, for its core client proposition. Although it now enjoys an efficient, valuable relationship, dealings with DFMs were not always so rosy.  "They didn't largely operate on platforms, although more do now, and the detail and information you got from them was just terrible," says CEO Adri...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on DFM & Model Portfolios

How MPS is helping advisers do more financial planning

How MPS is helping advisers do more financial planning

'Advisers who have made the change often describe a clearer sense of purpose'

Mark Sanderson
clock 05 August 2026 • 4 min read
The ingredients to a successful co-manufacturing partnership

The ingredients to a successful co-manufacturing partnership

'Co-manufacturing is not a product decision. It is a relationship decision'

Ben Peele
clock 29 July 2026 • 4 min read
P1 Investment Management cuts MPS fees

P1 Investment Management cuts MPS fees

Across its MPS offerings

Isabel Baxter
clock 28 July 2026 • 1 min read