Britain’s five discretionary fund managers (DFMs) have teamed up to create an alliance to help financial advisers enhance client outcomes through education and collaboration.

Members of the new DFM Alliance include Brewin Dolphin, Brooks Macdonald, Investec Wealth & Investment, Quilter Cheviot and Rathbones.

The alliance will educate advisers on the benefits of outsourcing investment management, provide a knowledge base for advisers when undertaking DFM due diligence, and collaborate with advisers to improve business practices for the benefit of the end client.

Quilter Cheviot investment director David Miller said: "The DFM Alliance aims both to remove any perceived doubt or mistrust advisers may have that using a DFM may weaken their client relationships, and to give IFAs who wish to use a DFM the right tools to compare. We are all different and it's important IFAs have a choice."

The alliance will run several initiatives to support these objectives, including conferences in June 2017 across the UK.

Rathbones head of sales support James Goward said: "DFMs are sometimes perceived as expensive, less than transparent and even predatory. It is therefore our aim to educate advisers about how outsourcing can add value and strengthen the outcome for the end client.

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“Conversely, this remains a fluid space, and DFMs have just as much to learn about the changing needs of the advisory world."