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Fees deal a blow to fairness

The wealth management industry should clean up its act and get rid of bias, says Colin Lawson

15 July 2013

A recent analysis of private client wealth managers following the Financial Times wealth management survey, issued in June, has forced me to raise the topic of dealing fees again. Why? Because they make me angry! They create bias and you need a degree in maths (or be a spreadsheet genius) to understand their impact on your portfolio.

The Retail Distribution Review, which came into force on 1 January 2013, abolished commission payments from product providers and introduced 'adviser charging', where the financial planner must agree their fees directly with the client.

The legislation aimed to eliminate the bias that commission caused and to improve transparency so consumers could compare the costs of firms. Why it took quite so long for the regulators to

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