One year on: How has Old Mutual's WealthSelect fared?

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Launched in a blaze of publicity last February, Old Mutual Wealth (OMW) set out its WealthSelect proposition as a rival to traditional discretionary fund management services.

A report from the lang cat consultancy comparing WealthSelect charges with those of other discretionary model portfolios, commissioned by OMW, found the WealthSelect portfolios' 66-83bps total cost of ownership (TCO) is substantially less than other DFMs' charges. This is, in part, because WealthSelect does not levy a charge for its model portfolio service - OMW’s aggressive negotiating on external fund prices on the range help it to do away with the typical 30-60bps MPS charge. Though the restricted service cannot compete in terms of the underlying fund choice it offers investors, OM...

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