A model portfolio manager who chooses to invest directly in equities or bonds, as opposed to buying third-party funds, may be saving on fees and able to be very precise in terms of what they invest in, but it is a resource-intensive approach and may also mean portfolios are not especially diversified.
This article, which comes with 30 minutes of CPD, will give you an understanding of the nature of direct equity investing; how fees may impact model portfolio construction; and how diversification can be achieved via the ownership of direct equities.
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