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Advisers reveal which regulations give them the biggest headache

Just 5% think Open Banking will provide the biggest business opportunity for their firm over the next three years.

Rozi Jones
|
11th July 2019
stress financial adviser worker business
"Technology can go a long way to helping meet these challenges and we are seeing those who do engage with the available tech are managing better"

MiFID II continues to be the biggest challenge for advisers, according to the latest Intelliflo poll.

When asked ‘Which of the following regulations is giving/will give your firm the biggest headache?', 66% cited MiFID II followed by the Senior Managers and Certification Regime at 22%.

In a separate question on the biggest business opportunities over the next three years, advisers put digitised client service well ahead of the other options.

43.5% think digitisation will help grow their business, with better client data from platforms and product providers in second place at 17.6%.

13.4% are focusing on further software integrations and APs, 11.5% still think word of mouth recommendations provide the biggest business opportunities, and 9% expect further revenue from pension freedoms and the baby boomer generation.

Just 5% think Open Banking will provide the biggest business opportunity for their firm over the next three years.

Nick Eatock, Intelliflo's executive chairman, commented: "It's no surprise that MiFID II is on the minds of advisers as there are multiple mandatory requirements. Technology can go a long way to helping meet these challenges and we are seeing those who do engage with the available tech are managing better than those who are yet to get fully engaged.

"With regards to the question about their biggest opportunities, it's really interesting to see such overwhelming support for digitisation. Advisers are really engaging with the benefits tech can offer them in terms of communicating with clients plus providing them with a high-quality service that's also more time efficient from a business perspective."

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