Andy Bennett, director of Hartcliff Financial Planning and Serena Van der Meulen, director at Van der Meulen Associates met recently in London to discuss the topic: 'Adviser approaches to outsourcing.'
Talking to Square Mile's Alex Farlow, Head of Risk Based Solutions research, in the video above - the second in a series of five - Bennett and Van der Meulen discuss how the outsourcing model has changed over time for advisers.
For Van der Meulen, her 'client journey' began with outsourcing, and stayed with outsourcing, when she set up her own company 13 years ago.
She says: "I went straight to the outsourcing model, as I felt I didn't have the resources or the inclination to do 'day-in' 'day-out' researching. Even with financial advisers who are qualified to do that [pick funds etc], the majority nowadays don't do this."
Throughout his career, Bennett has used different approaches to managing client portfolios: "When I worked for a firm, they used OBSR model portfolios, there is nothing wrong with using this model per se.
However, the process became really disjointed as we didn't have discretionary permissions, particularly when re-balancing client portfolios, so we moved towards a multi-manager approach. We found that the clients engaged with the process more, and this approach allowed their portfolio to be re-balanced more frequently."