Let’s start with what MPS stands for. In Analyser, MPS stands for Managed Portfolio Service.
A MPS is a range of portfolios managed by a DFM that any financial planner or adviser can invest in.  They are usually risk rated and managed through rebalancing, fund changes and weightings of every underlying asset.
The MPS is available directly from the DFM or through a third party platform - such as a platform! Either way, it means anyone can access the discretionary managed portfolios; they are not tailored to an individual.
There are two different legal structures for MPS; Agent as Client or Reliance on Others. Analyser includes details of the legal structure of every MPS.