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

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