The latest news in investment offers, financial products and other services relative to wealth advisors and their clients.

Sarasin & Partners
Sarasin & Partners, the £19.6 billion ($25 billion) London-based asset manager, has joined forces with MPA Financial Management to create a bespoke suite of model portfolios for clients of the Midlands-based advisor.

The MPA Sarasin Tailored Portfolio Service consists of five model portfolios designed to meet a range of client risk profiles. Sarasin said that by using its Tailored Model Portfolio Service, MPA benefits from halving its annual management charges, elevated reporting features, and regulatory alignment with the UK’s Consumer Duty regime.

“Consumer Duty has made advisory firms focus on the value they are offering clients and the old style bespoke discretionary portfolios, with typically higher charges and average performance and service, do not stack up to scrutiny in many cases,” Christopher Cade, partner and head of UK sales at Sarasin & Partners, said.  

The Consumer Duty, which came into force in late July 2023 has three broad elements. There is a new Principle for Business: the "Consumer Principle" which requires firms to "act to deliver good outcomes for retail customers"; there is a "Cross-cutting rule" setting out three overarching behavioural expectations that apply across all areas of a firm's conduct; and third, there are "Four Outcomes," which are rules and guidance setting out more detailed expectations for firms. Its purpose is to ensure that wealth managers and others in the UK financial services space do what they say they do.