The one thing I have not mentioned yet is price, and that is not accidental. The fact is that I do not think Addison Lee is cheap – it is a premium-priced minicab firm, yet dominates the market through other means, such as clever use of technology, product differentiation and relentless self-publicity. Perhaps we in financial services can learn something from Addison Lee. We live in a world in which the pricing of both investment management and financial advice are under increasing pressure. Instead of simply buckling to what we see as the inevitable, those firms which offer a premium investment management service, or premium financial advice, should have the courage to charge what they think is good value, but not cheap. In a race to the bottom on pricing, the only loser is the consumer, as quality will suffer. I have not seen Addison Lee skimping on quality, and that is why it is at the top.
James Bateman is head of multi-manager and multi-asset portfolio management for Fidelity Worldwide Investment
