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...

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