Old habits: Should advisers leave fund picking to DFMs?

For many IFAs fund picking is an enjoyable task - and one that they believe demonstrates their value and expertise to clients. Increasingly advisers tell me they recognise the operational hassle that this creates. They need to balance the desirability of creating and maintaining the right combination of funds with the commercial cost of administering changes to clients' portfolios. The temptation may be not to put through as many portfolio changes as desired because of the extra work involved, potentially creating a conflict of interest. Why then do some advisers still want to m...