30 Conclusion There are many different discretionary management solutions available for the adviser to select / recommend and there are many different variations in how DIMs deliver their services. It is crucial the selection of a service is driven by the adviser’s and DIM’s understanding of what that service is and how it will be delivered to the client. Adviser firms and DIMs need to work in partnership and focus on the ultimate outcomes to the end investor. There is no right or wrong way of setting up these arrangements. There are pros and cons of all the options outlined in this paper. Adviser firms, DIMs and platforms need to follow the general high-level principles of: • Consumer Duty – Delivering good outcomes for retail consumers and ensuring that the client’s best interests drive decision making • Clear agreement and disclosure between the various parties over roles and responsibilities In the following appendices we provide a checklist of the key points that adviser firms and DIMs may wish to consider when setting up these arrangements. Chapter four - Conclusion
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