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Investing in UK smaller companies – the benefits of direct equity investment vs collective investment schemes

Collective Investment Schemes are commonplace in UK investment management and are the overwhelming choice for UK retail investors for use within their ISA and SIPP tax-wrappers when looking for exposure to UK smaller companies. But are they all that they seem and are they the only choice? Models of directly held equities are often overlooked but investors could be missing out on the added value models bring over collective investment schemes.

UK smaller companies prove themselves to be big outperformers on the global stage

Texas based fund manager Alta Fox, published an analysis of the best performing small-listed companies in the developed world. This was over the five years from 2015-20 and companies were required to have positive revenue growth and earnings before taxation, interest and depreciation for the previous 12 months. This included companies in North America, western Europe and Australia valued at $150m- $10bn, and that had generated a total shareholder return of at least 350% over the five-year period (35% a year compounded). It excluded all companies in the energy, materials and financials sectors.

Of the 104 companies to make the final cut, 55.7% were from Western Europe vs 32.7% from North America. 13.46% of the top performing companies were found on AIM while only 2.88% were on the UK Main Market. 21.15% were on the Nasdaq, with technology overall making up only 34% of the total.

US companies made up 28.8% of the total, with the UK in second place with 15.4%.

You can hear more about the outperformance of AIM from our CPD adviser webinar session: Is AIM heading for a fall… or is its outperformance set to continue?

Key benefits

Model portfolios give you full visibility and knowledge of all holdings, not simply the ‘Top 10’. This means you can see exactly what you are investing in.

Portfolios of shares are priced at the market price of the underlying holdings and most closed ended small/micro-cap funds trade at a discount to net assets (discounts typically widen during market sell-off), some as high as 19%.

The nature of segregated portfolios of shares means individual investors interests are not bundled with those of others. They therefore benefit from greater liquidity, an ability to sell when needed. Open ended funds holding small-cap shares are very hard to manage given the fluid nature of subscriptions and redemptions. During market sell-offs fund managers will be struggling to manage redemptions which will require them to sell holdings, thereby exacerbating share price declines.

Liquidity is an important investment fundamental not to be over looked. The illiquid nature of small cap holdings worsened the return for holders of Woodford’s fund and ultimately enforced its closure.

Low Costs

Direct equity portfolios standard management fee is around 1%, often less for larger accounts. On top of this, portfolios do not charge often sizable performance fees and trading costs, notably on adviser wrap platforms, are extremely low.

The cost of running closed ended funds with a focus on small caps is very high, with the Total Expense Ratio (‘TER’) of those we have seen ranging from 1.34% to as much as 7.50% where a performance fee has been charged.

Stated fund TERs also ignore the impact of trading costs. Venture Capital Trusts with a focus on AIM quoted companies also trade at discount with high TERs and performance fees.

Direct equity portfolios managed on behalf of individual clients can easily acquire positions in smaller companies. Closed-ended small cap funds struggle to pick up positions of size in their target investments.

Direct equity investment via portfolios encourages efficient portfolio structure and the avoidance of over-diversification. Open-ended small cap funds are often over-diversified, holding hundreds of positions. This is often due to the less liquid nature of smaller quoted companies

One popular Investment Trust we have come across has 360 different company holdings, with the top 10 only accounting for 17% of net assets.

And finally…..

UK investors in collective investment schemes (funds/investment trusts/VCTs) holding AIM shares don’t benefit from the tax advantages available to those UK investors having direct holdings in the companies.

You can find out more about the benefits of investing in AIM for IHT planning purposes in our free report available from the link here.

Disadvantages

  • The management of capital gains is harder via a segregated portfolio.
  • It’s much harder to judge performance
  • Segregated portfolios can be prohibitively costly for smaller accounts of less than £40k

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.


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AIM continues to be the big winner in London’s markets

July 2021 has been the best month since December 2014 for IPOs on the AIM market, with 16 new arrivals and five departures.

IGTV’s Jeremy Naylor discusses the sector breadth of the new listings and the opportunities for investors with Chris Boxall from Fundamental Asset Management.

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.


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What is the reason for the increase in IPOs on AIM?

AIM, is one of the London Stock Exchange’s great success stories. However, back in 2008 the London’s growth market began to see a decline in the number of new listings. This was a direct result of the financial crisis and the global uncertainty that followed.

Given the nature of AIM, there will always be companies which are taken over by a competitor, merge, delist, join the FTSE main market or occasionally even fail – thankfully the last of these is far less frequent than it used to be. AIM therefore requires a steady flow of new listings to maintain numbers and replace the leavers.

AIM reached its peak in number of listed companies in 2007 at 1,694, when the resources boom saw a lot of small early-stage oil and gas companies and many overseas companies also join, many of which were of questionable quality. In July 2021 this number was at 832, less than half its peak.  Our associates Investor’s Champion cover all the new arrivals to AIM in July in their update here.

Many large companies which could qualify to be on the FTSE main market have become all too happy to remain on AIM, lifting the total market value. There are several reasons for a large company to remain on AIM: Business Relief investment might provide a welcome additional source of capital, they may prefer the reporting regime on AIM, owners and major shareholders might appreciate the Business Relief benefit for their own Inheritance Tax planning. As a result of this, AIM has seen a decline in the number of companies listed but a significant increase in total market value and quality of companies.

You can find out more about the benefits of investing in AIM for IHT planning purposes in our free report available from the link here.

Has this downward trend continued?

No. In fact from Q4 2020, the number of companies joining AIM began to increase and the rate of companies leaving the market began to slow. As a result, by the end of Q2 2021 the number of companies on AIM had increased by 13, raising £664m. The market also broke its record with the largest new admission in the second quarter of the year, as Victorian Plumbing Group raised £298m upon listing, with its market capitalisation £850m. The positive trend has continued with July 2021 the best month since December 2014 for IPOs on AIM, with a couple of very large new arrivals further highlighting the growing appeal of AIM for larger, high-growth companies.

Why are companies listing?

Many believe the reason for the change in direction is because some companies held back on their IPO plans during 2020 due market uncertainty brought on by Covid and Brexit. Going into 2021, the UK Covid vaccine strategy began to roll out which dramatically reduced the number of deaths from the virus. The Brexit deal agreed in the latter part of 2020 gave further reassurance to markets. A combination of the two could be the reason we are seeing more and more companies listing on AIM through 2021.

 

Interested in hearing more about how AIM for IHT works? Then why not watch our webinar session named All you need to know about investing in AIM for inheritance Tax where we delve into the subject in more detail.

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

AIM IHT ISAs can be higher risk, more volatile and less liquid when compared to conventional ISAs. Tax rules can change and benefits depend upon circumstances.


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Fundamental Asset Management introduce positive & sustainable growth into AIM IHT portfolios

Read the What Investment coverage of Fundamental Asset Management’s recent decision to broadening its investment mandate and introduce positive & sustainable growth into its AIM IHT portfolio. (Read the full article here)

Chris Boxall, co-founder & co-managing director at Fundamental Asset has said: “this is an inevitable evolution of our successful AIM for IHT portfolio service. We recognise the opportunity for growth which positive and sustainable early-stage investing presents, while also supporting those businesses executing positive change”.

Rather than avoiding companies which do not meet typical ESG criteria, Fundamental wants to support those businesses executing positive change in their respective industries.

For example, many of AIM’s healthcare related companies have come to fore over the pandemic, whether in the area of testing or drug development. There has also been growing interest in the alternative energy arena, notably the hydrogen economy, as well as environmental matters in general.

The Fundamental’s AIM IHT portfolios have, up to now, avoided earlier stage, smaller, non-profitable companies in these sectors, due to the perceived heightened risk of these types of business for an IHT planning mandate. However, from discussions with clients and advisers they see a growing enthusiasm for supporting companies making a positive commitment to society, despite the majority of such businesses not having yet achieved profitability.

Fundamental Asset will continue to adopt their proven core/satellite approach to portfolio construction, but will increasingly consider investing small elements of the satellite basket in smaller, fast-growing, earlier stage companies.

While there is clearly perceived added risk investing in companies which are potentially in need of further capital injections to commercialise their product or service, the nature of markets has seen these types of ‘new economy’ businesses perform strongly over recent years and attract significant amounts of capital. We consider that investors’ enthusiasm for supporting more innovative companies in fast growing sectors may continue to deliver outperformance.

Enjoy your weekend,

The Fundamental Asset Team

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

 

Third-party due diligence provider MICAP have recently released their report for the Fundamental Asset AIM IHT portfolio for year 2020/2021. We are pleased to announce that we continue to lead the way on performance with a top quartile position over 1, 3, 5 & 10 years! Read the full report here.


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FTSE main market still struggling to keep pace with AIM!

Against all apparent and previously established logic London’s AIM market for smaller growing companies has comfortably outperformed London’s main market in all key areas during the Covid-19 period so far, one of the worst periods of economic uncertainty and downturn in our economic history.

The AIM All-Share index rose 26% between the end of January 2020 and the end of March 2021, while the FTSE All-Share Index fell -7.8%.

Also, in 2020 AIM saw a -27% fall in the number of companies leaving the market bringing the total to 55. However, the number of companies de-listing on the FTSE All-Share, rose 8% to 53, with some of those joining AIM.

On top of that, money raised by new companies joining the main market fell -19% to £2.5bn, while AIM only saw a decline of -1% from £496m to £489m.

Our associated online investment magazine Investor’s Champion covers all the new arrivals to AIM. April’s new arrivals are covered in the Blog here.

But why such a difference? Well AIM by its nature is a marketplace for many innovative and fast-moving business which are better positioned to adapt quickly. AIM also has a large exposure to some of the economy’s best-performing sectors, such as technology. The main market on the other hand has been pulled down by more established and slow-moving businesses with some in struggling sectors in the pandemic such as oil, banking and housebuilding.

The main market is yet to reach its pre-pandemic level. In contrast, AIM keeps its place as one of the most successful growth markets in the world and continues to prosper and generate enviable returns for investors.

Enjoy your weekend,

The Fundamental Asset Team

 

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here. We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and platform partners.

Third-party due diligence provider MICAP have recently released their report for the Fundamental Asset AIM IHT portfolio for year 2020/2021. We’re pleased to announce that we continue to lead the way on performance with a top quartile position over 1, 3, 5 & 10 years!

Read the report here.


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What drove AIM’s outstanding performance in 2020…

London’s AIM market had a remarkable 2020, ending the year with its market value at an all-time high and with the AIM Index also significantly outperforming other UK main market indices. But what drove this remarkable performance in such a challenging year?

AIM (formerly known as the Alternative Investment Market) closed 2020 with 819 companies and a total stock market value of £131 billion. While there was a net decline of 44 companies from 2019, the overall market value was £16.9 billion higher. A lot of the strong performance came from companies qualifying for the popular Inheritance Tax planning reliefs.

The AIM index continues to be dominated by relatively few large companies, with AIM’s twenty largest companies valued at £45 billion, representing 34% of the total value of AIM. At the end of the year there were a record 24 AIM companies valued at more than £1 billion each, compared to only 16 at the end of 2019.

With its shares up 42% in 2020, ASOS closed the year as AIM’s largest company, valued at £4.8 billion, having assumed the crown from online fashion rival Boohoo Group, which came in second, valued at £4.35 billion, despite attracting criticism for poor working conditions at its suppliers and questionable corporate governance.

AIM’s Leisure Goods sector was another beneficiary of the pandemic seeing its value soar £3.7 billion to £7 billion, driven by strong trading from video gaming companies, three of which were valued at more than £1billion each at the year end, with Codemasters Group not far behind.

AIM subsequently lost Codemasters as it was acquired by US giant Electronic Arts. It’s a shame to see another fast-growing UK company acquired by an overseas rival, but this is very much the nature of AIM, with UK shareholders seemingly unwilling to back the longer-term growth opportunity. Codemasters was a constituent of our AIM Inheritance Tax portfolios.

Having attracted little attention for many years, many of AIM’s small healthcare companies were quick to develop tests for Covid-19, subsequently benefiting from explosive demand and share price growth.

The value of AIM’s Healthcare related companies, encompassing the sub-sectors of Medical Equipment and Services and Pharmaceuticals and Biotechnology, rose £5 billion in value to £17 billion.

There were big moves from anything involved in Covid-19 testing and vaccine development, with companies in these areas adding £1.6 billion of market value. The Healthcare sector also brought AIM’s top performer in the year in Novacyt, which received large orders from the UK’s Department of Health for its Covid-19 tests, helping to lift the shares over 6000% in the period.

With many countries (and notably Germany) getting behind hydrogen as an alternative to natural gas, there was growing interest in hydrogen-based energy, which is being pushed as a solution to fill the energy gap left from the impending closure of nuclear and coal-fired power stations.

AIM has several hydrogen fuel cell companies, whose shares soared over the course of the year, despite the challenges of the pandemic, adding £5.9 billion in market value to the Alternative Energy sector. Both ITM Power and Ceres Power closed the year valued at more than £2 billion each, with shares of the former up 600%.

AIM’s Technology sector consisting of 113 companies, encompassing the sub sectors of Software, Hardware and Telecommunications related activities, proved extremely resilient with its value rising £4 billion to £18 billion.

Our associates Investor’s Champion provided a review of AIM’s electrifying performance in 2020 in this update here.

AIM’s outperformance relative to the main UK market was driven by the latter having no exposure to video gaming and hydrogen fuel cells, two sectors seeing exceptional share price gains, and relatively little pure exposure to niche software, technology and online retail. The UK main market also continues to suffer from a distinct lack of growth!

The AIM of today consists of a far greater number of good quality businesses, many of which are delivering far more impressive growth than their peers on the main market and are also suitable for AIM Inheritance Tax portfolios.

As individuals own 25.1% of AIM companies, against just 11.3% of FTSE 100 companies, UK private investors will also have benefited very nicely from this outperformance and supported many fast growing UK businesses.

To benefit from the Inheritance Tax planning reliefs, individuals need to own the qualifying AIM shares directly in a segregated portfolio in their own name i.e. the tax benefit cannot be gained through investing via a collective/fund structure. In support of this, a growing number of financial advisors embrace AIM and AIM Inheritance Tax portfolios, which can also be accessed through a number of advisor wrap platforms.

We discuss AIM’s impressive performance in 2020 and potential themes to follow in 2021 in our Webinar here.  

Click the picture below to register for the session.

 You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 16 years, from the link here.

We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and contact details.


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How does AIM Contribute to the UK Economy?

In 2019, AIM companies contributed £33.5 billion to UK GDP, directly supporting more than 430,000 jobs and contributing £3.2 billion in tax revenue. Over the last 5 years the direct economic contribution made by AIM companies has grown by 35% from £24.8 billion while employment has grown by 22%.

In addition to this, direct contribution from AIM companies support further economic activity through both their supply chains and the expenditure of employees in their local economies. Through their supply chain expenditure AIM companies support a further 294,000 jobs and £20.3 billion of GVA. This indirect impact includes a broad range of suppliers to AIM companies such as financial services (nominated advisers and stock-brokers), business services (registrars, financial public relations, legal, tax, accounting and audit) as well as wider goods and services.

Both those employed directly by AIM companies as well as those employees supported through the supply chain will spend their wages on goods and services supplied by UK businesses. These induced effects generate further employment and GVA. The induced impact is estimated to support a further 181,000 jobs and a £13.4 billion GVA contribution to GDP.

Taken together, the overall economic impact is equivalent to £67.2 billion in GVA and over 900,000 jobs.

Improving productivity

AIM companies are, on average, more productive than the national average with productivity of £77,700 GVA per employee compared to £56,387. This is only marginally below the London average of £79,586 – the most productive region in the UK. Over the last 5 years, the productivity of AIM companies has improved by 11% compared to 10% nationally and 9% in London.

Regional spread

Unlike most businesses on the main market, AIM businesses are spread regionally across the UK in terms of their location, workforce and production lines. This helps support the UK government’s strategic goal of improving productivity and prosperity across all regions of the UK and helping balance regional disparities. Regional benefits are clear across areas where productivity is lower such as in the Midlands, Yorkshire and the North East.

Encouraging exports

Exporting plays a vital role to the UK economy by raising additional revenue from overseas. Around 20% of the turnover of UK-incorporated AIM companies comes from overseas, twice as much as their private company comparators. This figure grew significantly from £7 billion in 2010 to £12.4 billion in 2019.

Supporting growth

AIM plays a key role in supporting growth in small and medium sized businesses by allowing them to raise external finance at different stages in their lifecycle. This enables them to raise equity capital supporting their innovation, driving productivity and creating employment. It is this access to appropriate financing options that allows a business to scale and reach their growth potential.

AIM has made a significant contribution to the UK economy and has a critical part to play in supporting the economic recovery and helping to support growth across the UK economy.

(Research Grant Thornton- June 2020)

Join us for our webinar at 2pm on 25th February 2021 where we will be discussing just how valuable AIM is to the UK economy and the opportunities in 2021.

You can register from the link here.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 16 years, from the link here. We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and contact details.


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Compounding Wealth on AIM

Listen to the Capital Employed Podcast where for this episode they talk to Chris Boxall from Fundamental Asset Management and Investors Champion. Chris specialises in investing in small high quality companies listed on London’s AIM stock exchange.

Chris explains why he thinks the AIM stock exchange is a great place to invest. He also talks about two quality compounders he feels, despite the high valuations, have great long term potential.

You can find out more about Fundamental’s AIM portfolio service, including the latest fact sheets, from the link here.

Fundamental Asset Management has delivered exceptional investment returns for more than 16 years.


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How can my clients benefit from AIM?

AIM has helped many growing small and medium size companies in the UK gain access to public markets and the benefits that this brings to their businesses. AIM also provides a platform for the start-ups and small businesses of today to grow into the large businesses of tomorrow, benefitting the wider UK economy.

Individual investors can also benefit from AIM. A client can shield assets from Inheritance Tax (IHT) if held in AIM shares for two years and until death. But what are some specific scenarios where this might be beneficial to a client?

A client with a large stocks & shares ISA in main market stocks who is looking for IHT protection

Many clients have spent a lifetime building up significant sums in their Individual Savings Accounts (ISAs) where they have benefited from tax-free income and capital growth on those investments. However, an ISA in market shares or funds does not give any IHT protection. Since 2013, it became permissible to hold AIM shares in an ISA. As such, a client can transfer previous year’s ISA allowances into an AIM ISA and receive full IHT protection after two years.

A client looking to leave as much as possible to the next generation without losing control of the assets

Settling assets into trust or gifting assets away means the original owner loses control and cannot draw on them if needed in the future. However, shares in BR-qualifying investments remain in the investor’s name which means that if an unexpected event occurs later in life (such as medical bills or care home fees) the client will have the funds needed to meet any resulting costs.

A client who does not have long left looking for IHT mitigation sooner rather than later

Unfortunately, IHT planning often starts too late and many families can find themselves in a position where they are looking for protection sooner rather than later. It can take up seven years for a gift or asset held within a trust to be classified as being outside the original owner’s estate for IHT purposes. However, a BR qualifying investment can be passed on at death free from inheritance tax, provided it has been held for at least two years and at the time of death.

A client who has sold a business in the last 3 years looking to retain the Business Relief benefit

Where a client has sold a business, the proceeds will form part of their estate for IHT. However, where the business assets qualified for BR and were held for two of the last five years, the client has three years from the sale to reinvest into a BR qualifying asset to retain the benefit without having to hold for another two years.

An attorney under a lasting Power of Attorney looking to plan grantor’s estate for IHT without necessitating Court of Protection approval

An attorney under a lasting Power of Attorney (POA) arrangement will require Court of Protection approval to gift assets or settle them into trust on behalf of the client. This is due to the fact these arrangements remove ownership from the client. An AIM IHT arrangement is a simple purchase of shares in the name of the client and does not require such approval.

A client looking to take advantage of the growth opportunity in AIM

AIM is one of the most successful growth markets in the world. Unlike gifts of cash, or cash held in a trust, companies listed on AIM give investors an opportunity to benefit from the potential capital growth AIM has to offer.

A client who wants IHT protection but does not want to use a trust

Some clients are reluctant to set up trusts due to their complexity and cost as well as the possible requirement to take specialist legal advice and on occasion, medical underwriting. AIM allows for clients to achieve IHT protection over their assets in a straight-forward and simple method.

Derek McLay

Business Development Manager, Fundamental Asset Management Ltd.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 16 years, from the link here. We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and contact details.


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AIM on platform.. why wouldn’t you?

Last year’s unwelcome introduction of Covid into our everyday lives saw several trends and behaviours emerge. Family solicitors are seeing a significant increase in requests for will writing. And financial advice is no different, with financial advisers seeing an increase in demand for Inheritance Tax Planning (IHT) solutions.

Historically, IHT solutions had only been available directly with investment managers, with advisors forced to direct assets off their designated wrap platform in order to access these. This can be to the detriment of advisers and their underlying clients, as it makes management and monitoring, among other things, more difficult.

Adviser platforms have now evolved to allow clients to invest in individual stocks, including those listed on AIM, the London Stock Exchange’s smaller companies growth market. Many (but not all) AIM shares qualify for Business Relief, which means that if they are held for two years and until death, the holder of the shares is able to mitigate 100% of their potential IHT bill.

Platforms further evolved to allow Discretionary Fund Managers (DFMs), such as Fundamental Asset Management, to manage portfolios of AIM stocks on platform on behalf of clients. This means you can offer AIM for Inheritance Tax planning solutions to your clients and keep their assets in one place, thereby retaining the benefits a platform has to offer.

But what are the benefits?

Costs

Platforms have grown to become the dominant force in asset administration for retail clients and financial advisers in the UK. They are in a formidable position to take advantage of scale in terms of pricing. This is something they do well, allowing clients to benefit from reduced dealing, product, custody and investment costs.

Investments

Investment options for retail clients can often be limited due to the small amounts they are generally looking to invest. However, the growth of platforms has effectively made them the key distribution method for investment managers in the UK. As well as being able to negotiate preferential fees, they can give clients access to investment products they would not normally be able to access by going directly. As a result, clients benefit from a wider pool of investment options at a cheaper price.

Administration

Platforms in their most basic form are a technology which allows a financial adviser to retain and manage assets on behalf of their clients. Advisers benefit from being able to manage everything in one place, reducing time on administration and allowing for more time to be spent with clients. The platform technology itself allows advisers to take advantage of an advanced reporting system. On top of this, platforms are increasingly evolving to support and integrate adviser back office systems, including client portals. Platforms also facilitate custody which removes an element of risk from an advisor’s business model.

The benefits are clear for clients and advisers. However, platforms are also beneficial for investment managers like Fundamental.

The ability to manage client portfolios in one place and to remove custody risk from our own business model is a key advantage. As such, we are committed to the IFA and platform markets and work closely with our platform partners, including Standard Life Wrap, Elevate, Nucleus (listed on AIM), Transact, Ascentric, Funds Network and CoInvestor.

Enjoy your weekend!

Derek McLay; Business Development Manager; 077437 25659/ [email protected]

Join me and the Fundamental Asset Team at our next adviser webinar where we will be discussing another record-breaking year for AIM and what could be in store for 2021. 

Click the picture below to register for the session.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 16 years, from the link here.

We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and contact details.