Why the DFM industry is not dynamic enough

The most important question we should ask any potential investor is: what do you need this money to do? I doubt the answer will ever be to outperform a balanced index, net of charges, over five to seven years. Granted, some clients may not know what is achievable but I would venture a large number will have an outcome in mind. It might be to achieve an income sufficient for a comfortable retirement or perhaps the client wants to generate a lump sum large enough to pay their children’s university fees. It might be something less exact but any firm offering bespoke investment management mu...