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Set the boundaries

Financial advisers must understand their role in wealth management as well as that of the discretionary fund manager and client, says Claire Bennison

19 August 2013

The Retail Distribution Review (RDR) brought in a number of changes to the wealth management industry. It also clarified the roles between the financial adviser (adviser), the discretionary fund manager (DFM) and the client. Suitability, and who takes responsibility for what part of the advice and investment management for the client, continues to be a dominant theme within the industry and was specifically brought to light by the then Financial Services Authority’s (FSA) ‘Dear CEO’ letter in 2011.

The financial regulator isn’t concerned about which party is responsible for suitability, rather that responsibility is explicitly taken for suitability and it is conducted thoroughly. So who takes what role in client relationship to assist them in reachin...

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