Background/Introduction:
- Compliance Nightmare. How to create MiFID II compliant ex-ante and ex-post illustrations and reports.
- Building business processes and efficiency in a post MiFID II world.
- The need and demand for advice is growing, but how can we service the masses and more clients when the cost of servicing is also increasing.
- Has MiFID II influenced how business owners structure their business – more admin resources, greater use of technology or both?
- Is technology playing a more significant roles in keeping clients updated and engaged?
- How has MiFID II impacted the way advisers work with new and existing clients?
Points discussed and debated
- MiFID II is driving change in business processes – key disruption as more time being spent on reviews and report production.
- No single data source or solution available in the market – integration strategy is at the centre of what good looks like.
- Integrations are not always as robust and detailed as we are led to believe by system providers.
- Platforms are slow to integrate and or provide data for reports to be developed in-house.
- System providers slow to deliver integrated solutions – client demand determining development roadmap.
- Increasing number of firms building their own solution in-house.
- More administration involved in servicing clients – technology is helping but not enough time to serve all clients.
- Productivity levels are increasing but profit margins are tight – fixed overheads including additional staff are biting.
- PROD rules are also impacting amount of administration on serving clients.
- Metrics now starting to show value vs. cost of implementation and delivery.
- Future business values being impacted by poor data quality and reporting capability.
Learning and Actions
- Review existing processes and solutions – where are the value points and costs.
- Post MIFID II remains a strategic initiative – MIFID III may still be on the horizon!
- Identify areas where technology can deliver efficiencies in process – gift of time!
- Mapping the processes to make marginal differences – benchmark quantity and quality.
- Engage with systems suppliers and providers to improve integration services – prioritise two-way integration strategy.
- Conduct data audit – quality of data will drive quality of reporting and outputs
- Investigate use of RPA technology to replace repeatable process
Expert: Eric Armstrong, Synaptic Software
Facilitator: Dave Edwards, Esperto Business Solutions
