Tatton Investment Management Group Forum Update Justine Randall and Ryan Seaton
Agenda for today.. Disrupt, Innovate, Dominate.. 1. Business Update – sales, team, innovation, platform footprint 2. Tenet – When, How, What 3. PFS Guidance on use of DFM’s www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
Continued and steady asset growth Your support is at the heart of Tatton www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM
Our evolution Designed by advisers for advisers • Understand how to create value for the client and adviser • Recognise the continued shift towards outsourcing due to regulatory pressures • Price challenging disruptor in DFM marketplace @ 0.15% including VAT • Largest on platform provider with £6.1bn across 11 platforms • Broad investment church including hybrid, ethical and income portfolios • MIFID 2 reporting, intuitive rebalancing, sleep easy route www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM
Our credentials Tatton is the largest platform based DFM with over £6.1 billion assets under management, working with over 450 IFA businesses and managing 60,000 client accounts 10/10/2019 5 www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
Business Update Steady and sustained AUM Growth – thank you ☺ Broadening our brand and footprint Onboarding with new platforms Aegon Cofunds, Embark, 7IM, AXA Elevate Team growth – Telephone Support, SW BDD + Investment trainee Proposition continues to evolve – BPS.. www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM 6
Bespoke Portfolio Service • A market leading bespoke service developed with and for today’s Adviser client requirements. • A key disruptor on price at 0.375% AMC versus peers of circa 0.65%+ • Four initial strategies: • The ability to reflect Adviser / Client specific asset class preference • Lifestage portfolios : Specific income requirements over a rolling 6 year period, taking into account inflation. • Inflation strategy : Protection from capital erosion through rising inflationary pressures • Tax management : CGT and Trust management • Cherished holdings : Reflecting the clients overall financial position 10/10/2019 7 www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
Tenet - What is it, What does It mean? • Nov 2018 Tenet tender announced to replace in house model portfolios – lots of compliance risk • Threw Tatton hat in the ring, survived a thorough tender process • Beat the competition – May 2019 deal confirmed • Tatton chosen because we are a disruptor – adviser at heart • Over 500 investment and pension advisers – double our footprint • Launch and educating Tenet adviser base • Extending team resources to support
PFS Guidance – Agent as Client or Reliance on Others? www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Different ways to partner with DFMs PFS Article highlights the different ways advisers and DFMs can work together Best place to start is to review why you are working with a DFM… • Reduce business risk • Consistency of investment outcomes • Efficiency of outsourcing – admin/cost/time www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Agent as Client or Reliance on Others? Guide explains how contract with DFM can impact adviser and client roles and protection… Guide asks 3 key questions : “ Who is the client ? “ “ Who is responsible for what ?” “ What protections are in place? ” Outsourcing may not be quite as it seems for all engagements… www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Agent as Client or Reliance on Others? The possible terms of engagement of the IFA with a DFM are : Agent as client or Reliance on others www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Agent as Client or Reliance on Others? Agent as client • The advisory firm would be treated as the client rather than the underlying client • Regulatory protections do not apply to the underlying client and the relationship between the DFM and the client is not recognised • The underlying client would only be able to pursue the advisory firm in the event of any issues www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Agent as Client or Reliance on Others? Reliance on others • The end client is recognised as the client not the adviser • Adviser and DFM have regulatory duty of care to the client • There is clear segregation of responsibilities • Client signs a discretionary mandate with the DFM • Client can complain to the FOS if DFM doesn’t fulfil obligations in line with agreed mandate www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Table Comparison www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Table Comparison www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Table Comparison www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Table Comparison www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
PFS Guidance – Agent as Client or Reliance on Others? What should I do to ensure I meet my obligations? • Establish whether you are engaged via Agent as client or Reliance on others • Establish correct paperwork and processes to continue to operate safely • Negotiate with your DFM to move to Reliance on others • Consider changing provider to one operating Reliance on others as standard terms www.tattoninvestments.com | Tel: 020 7139 1470 | 17 St Swithin’s Lane EC4N 8AL | @TattonIM
Thank You • Your support is amazing • Please keep your feedback coming • Help me to shape Tatton into the business you want it to be justine.Randall@tattonim.com 07393 766993 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM 20
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