Aegon Adviser Attitudes Report 2021

DFM permissions in decline We’ll go on to talk more about the popularity of discretionary fund managers (DFMs) later , but in terms of how adviser businesses are structured, we asked whether firms had discretionary permissions. 86% said no, which compares to 77% in our survey data from 2019. Only 11% have DFM permissions, while 2% plan to apply for permissions in the next three years. We had wondered whether we’d see an increase in firms applying for discretionary permissions due to the requirement for client consent when making changes to in-house model portfolios. It may be that MIFID II regulations have made many think twice about the obligations and increased risk this places on their business on top of the cost and resource required. Only 11% of adviser firms have discretionary permissions Aegon adviser attitudes report 2021 15

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