Adviser-built portfolios to 'win the MPS race'

Elston Consulting head of research Henry Cobbe told Professional Adviser that post-Retail Distribution Review (RDR), advisers put together their own model portfolios - assembling funds and deciding what went where.  "Over time, many found it more convenient to outsource to a discretionary fund manager (DFM). In doing so they outsourced not only risk but also control - including the client's lifetime value," he said. About 90% Elston's funds under management are in custom mandates designed by advisers and managed by Elston Portfolio Management. ‘Advisers outsource the hassle' "Adv...