View the article online at http://citywire.co.uk/wealth-manager/article/a739859
NCI: KIIDs are 'waste of time', let's create a code of practice
by Elsa Buchanan on Mar 12, 2014 at 07:00
'You have to recognise that there are these inconsistencies and that each small or big boutique firm wrestles with those.'
The NCI chairman hinted the principles could be set up as a living document, which could also reflect the changes in the industry including debates around risk assessment or dealing commission to buy research.
This comes less than a year after two wealth managers joined forces to create a framework to estimate the total costs of running discretionary portfolios.
Following a Wealth Manager article on the topic in 2012, Rathbones and Quilter Cheviot decided to engage in discussions to compare their methods of calculation.
The duo put together an approach (click here for full details) that expressed total costs as an annual percentage in a similar vein to the ongoing charges figure for collectives.
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On the road
on Jul 24, 2014 at 10:59