Personal Touch Financial Services has revealed its panels for the network’s restricted wealth management proposition.
The network has cut its panel of discretionary fund managers from 14 providers down to four. The new panel includes Brewin Dolphin, Brooks Macdonald, Close Brothers and Quilter Cheviot.
The platform panel has also been cut from eight platforms to four, with Aviva, Axa Elevate, FundsNetwork and Skandia chosen to stay on the panel. Cofunds, Ascentric, Transact and Novia have been pulled.
The network says the panels have been chosen based on a number of factors including financial strength, demographic fit, cost transparency and “the ability to provide ongoing training and support for members”.
PTFS marketing director David Carrington says: “Our new wealth proposition is aimed at bringing together the very best providers in each wealth sector.
“Our advisers also have access to a range of model portfolios and active and passive fund ranges through our link with fund experts, Rayner Spencer Mills.”
PTFS currently has around 400 members, 45 of whom are authorised to offer pension and investment advice.
Sovereign IFA director Mark Hibbitt says: “It is not surprising to see panel sizes coming down, especially within restricted propositions. If you are running a network then you need to manage risk so there is little incentive to have large panels.”