Old Mutual’s WealthSelect MPS range is now live on FE Transmission, the service that allows financial advisers access to performance data on leading model portfolio providers through FE Analytics.
Leading model portfolio providers have welcomed the new service as it enables them to provide a better level of service to their adviser clients. Old Mutual joins Rowan Dartington, Thesis, Vestra Wealth, and London & Capital - to name but a few, on the unique service. Ten other model portfolio providers are currently waiting to go live on the platform.
Launched in March this year, FE Transmission allows advisers to compare model portfolios offered by various discretionary fund managers and model portfolio providers. The data available on FE Transmission allows advisers to conduct a comprehensive due diligence process as well as helping them to communicate their investment advice to customers more effectively.
Michael Holland, managing director at FE, says: “FE Transmission addresses the FCA’s and UK advisory industry’s need to focus on client investment suitability, due diligence while helping to bring transparency into the market.”
“For the first time advisers can take control of a model portfolio’s data; researching, comparing and scrutinising the attributes of a portfolio to ensure that they make the best recommendations to their clients“
The model portfolio market has boomed since the introduction of RDR, with advisers turning to DFMs to assist with managing multiple clients' assets affordably. However conducting in-depth due diligence can be challenging particularly when it comes to comparing data from different model portfolios or other investment solutions.
Holland adds: "With a growing number of adviser firms now outsourcing to model portfolio providers , there is pressure on advisers to ensure that the DFM selection process and the ongoing service is managed professionally. Occasional factsheets are no longer enough.”
Scott Goodsir, managing director of distribution for Old Mutual Wealth, says:
“Outsourcing investment management has been a growing trend for advisers over the past few years and in WealthSelect we have brought a leading Discretionary Managed Portfolio Service to the market to challenge existing solutions.
“We are extremely pleased that the WealthSelect MPS range of active and passive blend portfolios, tax-optimised for each tax wrapper are now available for review within FE Transmission. These portfolios launched in February 2014 and are built from the researched range of funds from the best fund managers.
"Through FE Transmission advisers are be able to easily compare discretionary managers and real performance with complete transparency and we are proud to be a part of it.”