Advisers have revealed which DFMs they like and use the most.

A review of the Discretionary Fund Manager sector was carried out by Defaqto.

The research and analysis company canvassed opinions among advisers to find out which are the most popular.

See charts below for details.

Related: New DFM tables for Financial Planners released (turn to page 33)

Investec Wealth and Investment came top for most used, followed by Brewin Dolphin and Quiltver Cheviot.

Investec also came top for preferred DFM, ahead of Brooks Macdonald Asset Management and Quilter Cheviot.

The authors of the report stated: “In terms of preference, the firms chosen this year for providing bespoke services are very similar to those chosen last year, and, with only a few exceptions, we have seen an increase in the percentages.

“Of course, there is a long tail not shown in chart 2, but, in the main, those firms that seem to have been establishing themselves in the adviser market have consolidated and improved their position.

“It will be interesting to see next year if this trend continues. If it does, it is suggesting that gaining a foothold in the adviser market for bespoke services is going to be very difficult for new entrants.”

Below: Chart from Defaqto shows which were most used. See Defaqto website for more.

Below: Chart from Defaqto shows which were most preferred. See Defaqto website for more.

The report found that advisers believe DFMs are failing in many key areas in a highly critical assessment of their performance.

Discretionary Fund Managers were either failing to satisfy or only borderline in 10 out of 14 crucial aspects of their service. Read full story on this here.