Advice firms face data challenges amid new regulation

Firms face challenges in collecting data and due diligence processes

Sahar Nazir
clock • 1 min read

Advice firms are grappling with significant challenges centred around data management, management information (MI), record-keeping, and due diligence processes, according to Brooks Macdonald and The Verve Group.

The firms' joint Retirement Income whitepaper released yesterday (23 April), which surveyed 977 respondents, shed light on the obstacles confronting advice firms as they attempt to tailor their offerings to meet the needs of their clients. For some firms, the task proved manageable thanks to record-keeping systems and readily available data. However, the report suggested that a larger percentage faced challenges in collating information from their records. The report said firms encountered the following challenges: They are unable to record all the data needed They recor...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

WIFA entry tips from the judges: Insight into what makes a standout entry

WIFA entry tips from the judges: Insight into what makes a standout entry

Gillian Hepburn and Sam Slator in the studio

Professional Adviser
clock 10 June 2026 • 1 min read
Small firms to file accounts with Companies House from 2028

Small firms to file accounts with Companies House from 2028

Must file profit and loss accounts but can opt out of publication

Sophia Panayi
clock 10 June 2026 • 2 min read
FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO Sarah Pritchard speaks to Treasury Committee

Sophia Panayi
clock 09 June 2026 • 3 min read