MiFID II requirements around discretionary fund management have led to wealth managers entering the financial planning space, Jacqueline Lockie told delegates at the PA360 conference last week.
The Chartered Institute of Securities and Investment head of financial planning was discussing the range of titles and job descriptions for financial services professionals working in the private client space. "Are wealth managers coming into the financial planning space?" said Lockie (pictured). "Absolutely - and one of the reasons for that is, if you do any kind of discretionary management or outsource to a DFM, you're caught by MiFID II." Under the second iteration of the Markets in Financial Instruments Directive (MiFID II), the manager has to set client objectives and subsequentl...
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