IMA sectors ‘unsuitable' in outcome-focused world

Sectors are less relevant than they used to be as wealth managers focus on client goals, Rayner Spencer Mills' Geoff Mills tells Laura Dew.

The IMA sectors need to be reviewed and rebranded as they are “misleading” in their current format, Rayner Spencer Mills Research founder Geoff Mills (pictured) has said. The IMA sectors have been around in some form or another for decades, growing in number to cover the increasing variety of funds which have come to the market. There are now around 2,500 funds in the IMA universe, split into 33 sectors, but Mills said many of the sectors are now outdated, having failed to adapt to the new ‘outcomes-focused’ marketplace. “The IMA descriptions are misleading and are less relevant th...