MiFID II continues to be a challenge for advisers, according to polls among delegates at Intelliflo’s recent Change the Game conferences in London and Manchester.
Asked ‘Which of the following regulations gives/is giving/will give your firm the biggest headache?’ the responses saw two thirds of the 129 of those polled citing MiFID II:
MiFID II: 66%
SM&CR: 22%
PROD: 7%
RMAR: 5%
Asked ‘What do you see as the biggest opportunity for your business over the next three years?’ the 425 delegates who took part in the poll put digitised client service well ahead of the other options:
Enhanced digitised client service proposition: 43.5%
Better client data from platforms and product providers: 17.6%
Further software integrations and APIs: 13.4%
Word of mouth recommendations: 11.5%
Pension freedoms and the baby boomer generation: 9%
Open banking regulations: 5%
Nick Eatock, Intelliflo’s Executive Chairman told us: “It’s no surprise that MiFID II is on the minds of advisers as there are multiple mandatory requirements. Technology can go a long way to helping meet these challenges and we are seeing that those who do engage with the available tech are managing better than those who don’t.”
He continued: “With regard to the question about their biggest opportunities, it’s really interesting to see such overwhelming support for digitisation. Advisers are really engaging with the benefits tech can offer them in terms of communicating with clients plus providing them with a high-quality service that’s also more time-efficient from a business perspective.”
