Of these respondents, about half said they were using a discretionary fund manager (DFM). Defaqto has previously noted that DFMs are increasingly targeting the retail market in the run-up to the RDR, by launching unitised funds with minimum investments as little as £1,000.
According to Defaqto, by employing a DFM, advisers are effectively entering into a long-term business relationship, making due diligence an important consideration. Defaqto has created an RDR Zone on its website, which is designed to assist advisers as they prepare for 2013.