How easy should it be for an adviser to move assets away from a Discretionary Fund Manager (DFM) if needs be?

Moving portfolios should require nothing more than completion of in-specie transfers from DFM A to DFM B.

If a DFM is unable to offer you that option, then it should be a warning light for you when conducting your due diligence. In-specie transfers of Crest and Euroclear stocks should complete in a matter of days, assets held with collectives managers may take slightly longer but should still be easily transferable. What is crucial is that assets can be moved from one DFM to another based on a single instruction from you and /or your client to the DFM managing the portfolio. The DFM should not have to sell the portfolio, thereby avoiding triggering capital gains or locking in losses by liquidating the portfolio at an inopportune time.