"Our portfolios have become more defensive at the margin but we are selectively adding to high conviction ideas which have experienced pullback in their share price with limited or no change to fundamentals."
As Brexit looms, I think advisers need to carefully record and document nervous clients’ claims they need cash in the short term.
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As seen with complaints to the ombudsman about advice given around the time of the credit crunch, I fear many clients could come back and claim they hadn’t really needed the cash and yet were shoved into low-risk funds when what they really needed was more risk to deliver greater future returns.
emma.hughes@ft.com
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