From the above, we can conclude that a key tenant of the RDR was a failure, as advisers are spending less time choosing individual investments for their clients.
However, by encouraging advisers to outsource investment portfolio management and spend more time with clients, it has led to improved suitability, specialisation of portfolio management, and lower investment costs.
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Thank goodness for unintended consequences.
Dan Kemp is global chief investment officer of Morningstar
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