Are DMPs the poor man's DFM portfolio?

The first generation of platforms was introduced more than a decade ago, designed to aid advisers in their fund picking. Things have moved on considerably and now several platforms offer advisers the functionality to outsource the selection of investments to third-party specialists. These are known as discretionary model portfolios (DMPs). This is akin to outsourcing the entire fund picking process to someone else, for a fee, but with a few added extras. As the portfolios are managed on a discretionary basis, the adviser need only ask for a written signature once from the client, at t...