"We are struggling to deliver our MiFID II interim suitability reviews on time."

When RDR came in, the notion of delivering reviews and ongoing service became the accepted norm.

The evolution of MiFID II, however, extended this to include ongoing annual suitability reports.

Naturally, this increased workload was always going to put a pinch on resources, especially when some administrators are uncomfortable with the suitability aspect.

 

Since 2002, The Timebank have built a team with diverse skills, experiences and knowledge to help clients with unique jobs.

The Timebank can be a flexible addition to your team. This is far more effective than employing someone to do the same job, particularly if it is a short-term project or job that doesn’t need a full-time employee.

Case study

Customer profile

  • A leading, UK financial services consultancy firm established in the 1930’s.
  • 7 full-time Financial Advisers, Employee Benefits Consultancy.
  • Over 840 clients plus members of large employer group pension schemes, clients targeting capital growth and clients planning for, or sustaining, life in retirement.
  • Guidance on what exactly a MiFIDII Review looks like and needs to include.
  • Concerns around the resources and time to complete 840+ reviews each year.
  • Concerns that the cost to the business, assuming 2 hours to write each review, would be c.£168,000 per annum plus the potential lack of new business being written.

Objective

To implement and manage a full review process.

Delivery

To implement and manage a full review process.

  • Produce a monthly schedule of reviews.
  • Liaise with advisers & support team to complete these in line with the adviser’s own schedule.
  • Created a MiFIDII compliant template to produce “No Change” Reviews or Reviews that include recommended changes such as Fund Switches, ISA/Pension Top-Ups, changes to Drawdown arrangements.
  • Confirm up to date client circumstances.
  • Obtain data from providers required to complete MiFIDII reports.
  • Complete reviews in a prompt manner and return to our clients for delivery.
  • Regular meetings/calls to review the process and templates.
  • Our clients have been able to increase their focus on writing new business, so much so they have recruited new people.
  • Client retention figures are higher than previous years owing to the improved level of interaction and greater detail provided.
  • Level of new business written from existing client base has increased on the back of the annual reviews highlighting areas that require attention.
  • A clearly mapped out schedule has helped with resourcing of the administration team.

Ready to proceed?

This sounds like me. I would like to know a bit more about The Timebank before going ahead

Fantastic!

We mould our service to our clients, so we will give you a call and listen to your needs to make sure we can help you.

In the meantime, we will start off by giving you complimentary access to The Timebank Foundations Programme.

Being a guest client gives you the following benefits:

  • FAQs about the service
  • Due Diligence on us as a company
  • Access to our PRODMatcher tool, which solves the PROD problem
  • Access to our Due Diligence reports on providers and manufacturers
  • News, hints, tips and opinions sent directly to your inbox
  • Access to ongoing CPD video series

This sounds like me, but I am not ready to get going just yet

Timing is everything, we understand that.

We really want to be here when you are ready, so in the meantime, we would like to give you complementary access to The Timebank Foundations Programme.

This gives you access to a range of benefits:

  • FAQs about the service
  • Due Diligence on us as a company
  • Access to our PRODMatcher tool, which solves the PROD problem
  • Access to our Due Diligence reports on providers and manufacturers
  • News, hints, tips and opinions sent directly to your inbox
  • Access to ongoing CPD video series