The ability of advisers to cope with new tools and improved functionality on wrap platforms has not been addressed properly by the FSA in its recent Platforms Feedback Statement , Rayner Spencer Mills Financial Consulting warns.
It expressed concern some advisers lack the detailed knowledge to use new portfolio planning tools in areas such as re-balancing and asset allocation and could fail to convey how they work to clients. The consultancy believes these issues were not addressed comprehensively enough in the FSA’s response on Monday to the June 2007 Platform Discussion Paper. Geoff Mills, director Rayner Spencer Mills, says: “These tools can aid the decisions on asset allocation and the process of rebalancing yet IFA firms must ensure they have the appropriately investment trained and competent staff to m...
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