Wealth managers find suitability tests 'unsuitable'

Independent research company PureProfile interviewed 150 wealth managers in the UK, France, Italy, Spain, and Ireland, who collectively manage assets of around €327bnn, during September 2022. The study found that nearly two out of three (65%) agreed that current systems were too reliant on subjective human judgement. Just one in 20 (5%) of wealth managers questioned in the UK, France, Italy, Spain, and Ireland, disagreed there was too much subjectivity, while 30% were neutral on this issue. Advisers that were questioned criticised existing suitability processes and systems for bein...