Investment consultants have come under the microscope in recent months and the results do not make good reading.

A study conducted by Tim Jenkinson and Howard Jones of Oxford University’s Said Business School and Jose Vicente Martinez of the University of Connecticut and published in a recent edition of the Journal of Finance concluded that investment consultants recommendations significantly failed to outperform.

The Financial Conduct Authority’s (FCA) Asset Management Market Study, another recently published study reached a similar conclusion. “On average investment consultants are not ab...