JM Finn & Co, the UK-based investment manager, is extending its discretionary management offering to IFAs – services previously only open to private clients, FT Adviser reports.

A number of the larger UK firms are offering discretionary investment management services to IFAs ahead of the 2013 impementation of the regulator’s Retail Distribution Review. Advisors are visibly opting to outsource this part of their practice in order to satisfy new requirements which dictate a “whole of market” approach to investing, and to free up more time for client contact.

As part of the rollout, JM Finn will be linking up with a wrap platform in the coming weeks.

The firm is keen to emphasise its open approach to the new offering: IFAs will be able to meet up with representatives of JM Finn to work out personalised portfolios for clients and advisors’ own investment philosophies will be respected, the firm said. Cynics have accused such discretionary management providers as using the RDR as an opportunity to “land grab” assets from smaller players.

"It [the collaborative approach] moves advisors from a defensive position to an interrogating position. If the intermediary is doing general advice and managing investments it puts them on different sides of the table. Our offering keeps them on the same side," Mike Mount, director of intermediary sales, was quoted as having said.