In conversation
How distributors will earn their fees in the passive era
"Allocation is alpha. The fund is just the wrapper."
On TER compression, the rise of direct plans, and why advice-led distribution is the only durable model.
Q. Are MFDs at risk from direct plans?
Only the ones who never offered advice. The MFD who runs a goal review every quarter is more valuable, not less, in a passive era — because the wrapper margin is now too thin to pay anyone but the truly useful.
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