A group of five UK wealth management firms is teaming up to press their case to financial advisers, amid shifts in the retail marketplace and a growth in index-tracking funds.

The five firms, Brooks Macdonald, Brewin Dolphin, Investec Wealth & Investment, Quilter Cheviot and Rathbones, all offer a service known as discretionary fund management, whereby high street independent financial advisers delegate the investment management of their clients' portfolios to the wealth management firms.