Portfolios 'more homogenised'
Matthew Mimms said he had noticed advisers were still grappling with the ongoing demands of regulating and the costs associated.
“As a consequence there seems to be more of a homogenisation of portfolios as there’s a migration from small one-, two- or three-man businesses to dealer groups. That’s accelerating as regulation nbites.”
He said it was not bad for investors if it meant that they were getting access to well-researched and diversified portfolios. “That’s a positive thing.”
But he said the cost of getting advice for “mid-wealthy” people had increased. “If you’ve got $100,000 in investable assets it’s less likely you can afford advice on that. It’s making quality advice unaffordable.”
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