For the record: You're only as good as your client database

'This is something of an Icarus challenge for advisers'

clock • 4 min read

Adrian Boulding on why all advisory firms need a you need a comprehensive database that records all client interactions...

You could give the best advice in the world, but it's likely to count for very little in the eye of the regulator if you can't evidence how when asked. And if on occasions the advice you give isn't quite to such dizzying heights, then there'd be even more cause for concern if you can't pull up sufficient records which detail how you reached recommendations. This was important before Consumer Duty. Now the regulation is part of the everyday of running an advice business, it's critical. This is something of an Icarus challenge for advisers. Spend too much time on record keeping and ot...

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 Business

Protecting adviser businesses from fresh money laundering risk

Protecting adviser businesses from fresh money laundering risk

Lawyer discusses Court of Appeal ruling

Ben Cooper
clock 04 October 2024 • 4 min read
Profession must challenge perception of advisers 'hangover'

Profession must challenge perception of advisers 'hangover'

‘Definitely social mobility in the profession’

Jenna Brown
clock 04 October 2024 • 1 min read
Why engaging directly is key to identifying customer vulnerabilities

Why engaging directly is key to identifying customer vulnerabilities

'Engaging directly on vulnerability is new and still feels quite alie'

Andrew Gething
clock 02 October 2024 • 4 min read