advice on. Importantly, a growing number of advisers are considering to offer execution only
service in addition to advised services to ensure they can address different client types and
requirements. There is also greater differentiation between clients, fees and services
offered.
Leaving investment decisions to investors presents its dangers. Left to their own devices,
investors on average do more harm than good to their portfolios relative to an index-based
approach2 as Figure 1 suggests in broad terms for US investors. This is because they adopt
mental shortcuts such as anchoring