For financial advisers, the landscape of investment propositions has never been more complex. With regulation ramping up and client expectations evolving, many firms are turning to model portfolio services (MPS) as a practical and scalable solution. But how do you make sense of the ever-growing list of MPS providers? And more importantly, how do you choose the right one for your clients? That’s exactly what we’re unpacking in this interview where Jenny Hunter, Senior Financial Journalist at IFA Magazine, talks to Sam Buckingham, founder of Buckingham Research.
Sam is a seasoned investment manager with nearly a decade in the multi-asset space and experience at firms like Aberdeen and Kingswood. He has seen the evolution of MPS first-hand – and now helps advisers scrutinise and select the best solutions for their businesses.
From deep end to deep insight
Sam’s route to launching Buckingham Research came from a realisation: advisers were being asked to make big investment decisions with limited tools and incomplete data. Many MPS propositions are highly complex under the bonnet, yet the advisers selecting them aren’t always investment experts themselves. That mismatch, he realised, presented a genuine risk – and an opportunity to add value by bridging the gap.
“There’s this real mismatch going on where you have MPS propositions that are very complex, and the people outsourcing to them, IFAs, typically aren’t investment experts. They’re financial planning experts.”
Unlike basic MPS comparison sites, Buckingham Research goes further, offering independent, rigorous analysis tailored to the adviser’s specific needs. Whether it’s diving into fund selection, asset allocation, risk management or ongoing suitability under Consumer Duty, the approach is designed to support better client outcomes and smarter business decisions.
What really matters in MPS due diligence?
Performance headlines may grab attention, but they rarely tell the full story. As Sam puts it, “What I think they need to be thinking about is being able to drill underneath the headline figures.” He explains that advisers should aim to “understand the return drivers of those returns that they’re getting” and assess whether fund selection or tactical allocation decisions are truly adding value.
According to Sam, “Those are the bits you really, actually want to try and drill into and understand.” Risk profile alignment, platform availability and fees are important, but assessing consistency and quality is what separates strong MPS propositions from the rest.
The compliance crunch
One of the biggest shifts in recent years has been the increasing regulatory pressure on advisory firms. Whether you run your own in-house portfolios or outsource to a third-party MPS, the onus is now firmly on demonstrating ongoing value, suitability, and robust due diligence.
“With Consumer Duty, it’s not just what you do, it’s why you do what you do across every sort of aspect,” Sam says. “It’s a huge amount more that they have to do and evidence.”
For firms manufacturing their own models, that burden is especially heavy. It’s no longer enough to get decent results – you need to document the rationale behind every decision, show the evidence, and benchmark it all appropriately. Unsurprisingly, many firms are now looking to outsource. But even then, Consumer Duty still demands regular reviews and justification for why that chosen MPS is the right fit.
That’s where Buckingham Research steps in. Rather than offering a one-off report, Sam delivers an ongoing analysis service. “It’s created to be an absolute ongoing service… not just a one-off,” he explains. “It’s on a quarterly basis… I give them a prep pack in terms of insights.” These help advisers challenge providers more effectively, understand portfolio changes, and stay on top of the details without losing time they can’t afford.
Avoiding common adviser mistakes
A recurring theme in Sam’s analysis is the tendency for advisers to over-emphasise short-term performance – particularly three- or five-year returns. “What they tend to do is focus on high-level three- or five-year returns,” he says. But as Sam points out, that approach can backfire: “The best-ranking portfolios over the previous period [can drop] right down to the bottom of the pack”.
The problem? Performance tables often reward risk-takers and short-term winners, not necessarily long-term quality. Sam cautions that “high-level quantitative selection can result in below-average returns and therefore lower returns for their clients.”
The same logic applies to fees. “It might vary by five basis points. That is really insignificant if you look at the long-term returns.” He urges advisers to prioritise “the actual quality of the solution” over tiny cost differentials.
What does high-quality analysis look like?
Sam draws heavily on his experience managing multi-asset portfolios to replicate the depth of fund-level analysis – but for entire MPS propositions. That includes assessing top-down allocation, fund blending, diversification levels, factor exposures and more.
“From a top-down asset allocation perspective, get an understanding of how that works… then also drill down in from the bottom up,” he explains. “What funds they hold, how they blend them together, what biases they might have.”
This dual-layered approach lets him provide advisers with meaningful insights they can actually use. “What I’m trying to do is just give them much more information and my perspective on what’s going on underneath the bonnet.”
What’s next for MPS?
Looking ahead, Sam sees two major trends shaping the future of model portfolios. The first is the ongoing debate between active and passive strategies. “The last three years have been particularly acute for active underperformance,” he says, but “it’ll be interesting to see how that trend continues.”
The second trend is geographic exposure. With UK equities still relatively undervalued, the shift away from home bias could face challenges. “Lots of people are shifting, selling out of the UK to buy global at a time when the US, i.e. global equities, are very, very expensive,” Sam says. “It’ll be very interesting to see how that plays out over the following 10 years.”
Taking stock
In an increasingly noisy and regulated environment, advisers don’t just need data – they need insight. That means moving beyond surface-level metrics and into the engine room of portfolio construction. With firms like Buckingham Research offering that hands-on, independent support, there’s a real opportunity to lift the quality of MPS selection across the board.
For advisers, it’s about getting back to what matters: helping clients reach their goals, with confidence in the solutions you recommend. Whether you’re reviewing your existing MPS panel or exploring outsourcing for the first time, taking the time to really understand what’s under the bonnet could be the smartest move you make this year.
About Sam Buckingham
Sam Buckingham is an investment consultant and founder of Buckingham Research, established in February 2025. The business supports financial advisers by assessing and/or managing investment solutions, utilising a unique framework developed specifically to analyse Managed Portfolio Service (MPS) propositions. Sam brings extensive expertise in investment strategy, portfolio construction and fund research having managed a range of multi-asset portfolio solutions at leading UK wealth management firms.
