It comes as no surprise that a lot of advisers have been taking a long hard look at their businesses - re-assessing their resources and re-evaluating their priorities.
The result has been a growing trend amongst advisory businesses to outsource much of their investment function to external discretionary fund managers (DFMs). If 2012 was about advisers ensuring that their qualifications were up to scratch and that their client service proposition would withstand scrutiny, in 2013, the emphasis is on the client investment proposition. Certainly, there has been a steady surge in interest in DFMs like North. Outsourcing to a DFM potentially has many attractions – but, if clients and the business are to benefit, the selection process has to be rigorous....
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