Advisers' use of discretionary fund managers (DFMs) has more than doubled in the last 12 months, according to a report from Nucleus. But what does this mean for the market and what do advisers really think about DFMs?
A survey of 200 financial advisers found the use of third-party DFMs has doubled in the last year and now accounts for almost a quarter (24%) of all investment approaches - up from 12% last year. Furthermore, this looks set to increase, with almost half (47%) of respondents saying they will begin to use or increase their use of DFMs over the next year, and just 14% saying they will decrease their use. While some two-fifths (39%) said they do not use DFMs - down from 44% last year - no-one said they planned to stop using DFMs. Nucleus business development manager Barry Neilson (pictur...
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