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Order of importance

The ranked order of importance of the 14 categories is largely similar to last time with Quality of staff – investment, Service, Investment flexibility – range of assets and Ease of doing business again ranked most important.

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Adviser satisfaction

Adviser satisfaction fell in all but three of the categories, but expectations are still being met or exceeded in 9 out of the 14 categories.

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Quality of staff

Quality of staff – investment achieved the highest weighted satisfaction and Remuneration the lowest

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Expectations are not being met for 5 out of the 14 satisfaction categories including the top category of Quality of staff – investment.

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  • 2022 saw the inclusion of MPS on platform for the first time.
  • On average, advisers are using 3.5 providers for DFM services, up for the second year running. The market continues to be dominated by a handful of firms, but we do note that there are a number that appear to be gaining traction.
  • There has been an apparent dropoff in the number of advisers using bespoke investment services.
  • Most advisers use a combination of DFM types, with MPS on platform being the most popular.
  • Schroders & Co. (now including Cazenove), Brooks Macdonald, RBC Brewin Dolphin, Quilter (previously Old Mutual Wealth) and Tatton received most nominations as a preferred provider.
  • We may have seen a reaction this year to the exceptional service provision during the COVID-19 pandemic, where we applauded the industry for its positive support of advisers. This would have been difficult to maintain. Broadly, adviser expectations are still being met, although DFMs should beware of complacency, particularly in administrative areas.


View the full study here