IFAs urged to outsource capital management

Oval head Steven Mitchell says being experts in the advice process is "no longer akin" to being experts in the "placement and management of capital". The firm last month announced it was referring the responsibility for the "physical investment choice" to a team of hand-picked fund managers, although Mitchell says Oval continues to give advice on best-fit investment and appropriate tax wrappers. "The time has come for financial services companies to look to split the advice process from the physical management of the money they advise on," he says. "In this unprecedented financial sit...