Is the DFM sector behind when it comes to changing fees?

He said that since Consumer Duty was implemented, advisers have noticeably changed their fee structures, but DFMs have not changed the way they charge as significantly. Northway noted that much of the DFM community still has an assets under management (AUM) fee structure. "We have a bit of an issue with that, because the workload associated with a larger AUM around single model is no larger than the workload that's associated with a smaller AUM," he said. "Whilst it's important to cover costs and have a profit element, that linear relationship is a little bit difficult to justify."...