Established in 1881 as a partnership, Smith & Williamson is an independently owned financial and professional services group. The firm is a leading provider of investment management, as well as being the UK’s 8th largest accountancy firm. With over £20bn of assets under management, Smith & Williamson has offices across the UK, Ireland and Jersey.
Smith & Williamson started using FE Transmission in October 2017 and, while the relationship remains young, clients are already starting to see the benefits of this service.
We spoke to Mickey Morrissey, who is head of distribution at Smith & Williamson and is responsible for growing intermediated sales in the Discretionary Fund Manager (DFM) and Managed Portfolio Service(MPS)business lines, about how FE Transmission adds value to the business.
A lack of transparency in the world of discretionary fund management has been one of the biggest challenges faced by the industry. Until FE Transmission came about, Mickey points out that there was no way for advisers to access underlying portfolio data and research model portfolios. “There was no way to compare apples with apples. But with FE Transmission, it became possible for advisers to compare different model portfolios, access holdings data, track the performance and thus, run a thorough analysis of the DFMs they are invested in.”
Why FE Transmission
The decision to go with FE Transmission was very demand driven. Mickey explains, “A lot of advisers already using FE Analytics and accessing other model portfolios via FE Transmission kept coming to us, asking us to put our models onto the platform. This is how the conversation with FE started.”
The other reason for choosing FE Transmission was primarily the lack of transparency in the market. With the introduction of a platform such as FE Transmission, advisers and investors were able to make decisions based on accurate information. Since Smith & Williamson, as a firm, wanted more transparency in the MPS market, choosing FE Transmission was only logical.
Smith & Williamson was looking for ways to promote the stellar performance of its models. “Since the launch of our models six years ago, our funds have performed very well – top quartile mostly, and we were struggling to find ways of letting people know that. We wanted to demonstrate the great performance of our funds and FE Transmission has let us do just that.”
FE Transmission allows DFMs and model portfolio providers to distribute their model portfolio data, literature and factsheets to advisers.
“FE Transmission has helped us generate new leads and business opportunities. We now have intermediaries contacting us directly for access to our models. A lot of them are completely new to us i.e. people or groups we have not heard of.”
“Being on a platform that allows advisers to compare our models and see how well our funds have performed relative to others, has driven up the demand for our models. Both FE Transmission and FE Analytics are great products and advisers have really embraced them to enhance and build their investment propositions.”
To find out more about FE Transmission and how it can help your business, get in touch today at [email protected] .