He added: "I still believe that any adviser with a relationship with clients, whether discretionary or not, should either not be obligated to send such inane letters to clients (when quarterly statements are obligated these days anyway) or else, should all be obligated to have a system which issues the letters.
"Clients don’t care whether they are discretionary or advisory if they have lost 10 per cent."
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david.thorpe@ft.com
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