The reputations of the men and women managing investment funds is the most important factor when selecting vehicles for clients, research suggests.
More than a quarter of advisers polled by Legal & General (L&G) cited the fund manager as the most important consideration.
Fund fees and charges was the next most important (23%), followed by the selection of an investment provider they feel comfortable with (21%), according to the survey of 200 intermediaries.
"Fund manager reputation has long carried weight in this industry, although it is perhaps slightly short sighted to overly rely on this factor," said L&G Investments managing director Simon Ellis.
The findings concluded advisers select funds based on the three ‘Fs' - fund manager, fund cost and fund house.
Ellis said although 'star' managers had earned their reputation through consistent performance, advisers should beware what he called a "blind loyalty" factor.
"It is far more sensible to review your investments and make an unemotional decision about your portfolio," he said.
AWD Chase de Vere's Patrick Connolly said some advisers play the dangerous game of backing short-term performance.
"If there is a fund manager who has a good reputation and has performed strongly recently then they are probably taking in more money than perhaps they should do," he said.
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