Are DFMs just for the well-heeled?

In his 12 years of working in financial advice, Toby Owen-Browne has never had a client walk in and tell him they need a discretionary fund manager (DFM). But, he says, in the right circumstances they can be an ideal investment solution: "I certainly think there's a place for it - we would be cutting our hand off if we didn't have access to it, but I don't think it's needed for everyone." Owen-Browne, who co-founded financial planning firm Finura Partners, is not alone in his attitude to DFMs. It seems the bespoke form of investment best serves clients with a lot of money to invest. Ian ...