Mickey Morrissey: Beware the race to the bottom on investment fees

In many ways this race on fees is understandable. On a headline basis, aggregate costs to the customer - including platform, advice and managed portfolio service charges - can appear optically high when viewed in isolation. With platform reports disclosing costs in pounds and pence, some adviser clients may balk at charges they consider on an absolute, rather than value for money, basis. The concern here is that clients, reflexively drawn to costs when assessing their options, increasingly overlook portfolio returns. Decisions begin to revolve around the cheapest solution on a headline b...