FIF25: Advisers 'apprehensive' about committing to lower-cost bases

Speaking at the Future of Investment Festival today (4 June), Cliff told delegates that the concern is that when the "passive purple patch loses steam," it will be difficult to raise clients from the low-cost portfolio they were put into. "IFAs see the short-term benefit of low cost as a risk, viewing it as potentially cheap today for me but expensive tomorrow," he said. Cliff added that clients are moving even more short term. "Retail clients have a short-term interest and an activity bias, needing to see something happening." He added: "This could be good performance or the conti...