MiFID II could end 'risky' adviser/discretionary operating model

The firm said the second round of Markets in Financial Instruments Directive regulation (MiFID II), which is due to come into force on 3 January, would enhance the way advisers and investment managers work alongside each other but it was up to advisers to "lobby for change" as adopting a different operating model was not mandatory. The discretionary investment management business explained at present 90% of advisers using model portfolios on platforms supplied by discretionary investment firms are operating under an ‘agent as client' framework. It said this approach addressed the key ...