Consumer Duty leading to advice firms reviewing client banks

Its recent Multi-Asset Distribution Dynamics report found that since Consumer Duty was implemented last July, advice firms are ‘offboarding' clients that they cannot service profitably or whose planning needs do not justify the cost of advice. A head of strategy for a large adviser network told NextWealth that a multi-asset fund can be a good solution for these clients. "Some smaller clients, we'll say stick them in a multi-asset fund and turn your advice fees off," they said  This came as the report found the most common way advisers use multi-asset funds is for clients with small...