Alan Miller: Advisers do not understand provider charges

Miller claimed the heads of research within the largest advisory firms are unaware a fund's total expense ratio (TER) excludes dealing costs. The comments come as part of SCM's report, Promoting Trust and Transparency in the UK Investment Industry. The report is part of the True and Fair campaign, launched by SCM in January, which aims to improve transparency in fund provider charging. "Anecdotal evidence gathered by the authors of this report found that even the heads of research within some of the largest advisory firms did not know that the TER does not include dealing costs," t...