Mike Webb: Is DFM being lost in translation?

We have all witnessed the big shift toward the delegation of investment decisions as ever-increasing numbers of advisers move to a more holistic approach. As demand has grown, so has the number of services calling themselves ‘discretionary fund management' (DFM) - but are they all really DFM in its true sense? Broadly speaking, two main types of service delivery have emerged over the last few years. One approach provides services through a platform using model portfolios or multi-asset funds.  In these cases, the client will be bundled in with others who have broadly the same risk pro...