As more products become available, the due diligence burden for advisors grows
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For example, private equity funds are meant to be held for the long term and there’s often a penalty for redeeming early, says Will Stevenson, senior research associate at Investor Economics. Furthermore, depending on the type of fund, the turnaround time to get the client’s money out can be a month or longer.
Investors may also pay a performance fee if returns exceed a certain percentage. While some argue that gives portfolio managers an extra incentive to outperform, it also might be an incentive to take on more risk, Mr. Feindel notes. Mr. White has heard his share of presentations. His firm wants to introduce new asset classes for clients but not without clearly understanding what they’re all about. The complexity can be daunting.
“Many pensions have positive net inflows of cash, so they’re perpetually in the growth phase and they have an infinite mortality,” Mr. White says. “An individual has neither of those things, so to say that somebody should be investing like a pension plan is just wrong.”
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