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Friday, 02 June 2017| By: Rodney Taylor, Business Development Director at Profile Software

Much has already been written about MiFID II, but one area that has some very specific challenges is the Wealth Management industry. Whilst a great deal of the focus has inevitably been on new trading venues and the coverage of new asset classes, there has been less focus on the profound impact that MiFID II is likely to have on Wealth Managers and their customers.

Erosion of margins

What is for sure is that a considerable financial cost will needed to be borne by Wealth Managers through an increase in suitability reports, additional data purchasing, record keeping and changes to reporting and inducements. Some Wealth Managers will inevitably have to re-evaluate their business lines, possibly changing their model through, for example, moving face to face clients to a digital-only model. It is possible that some smaller firms will decide to move out of advisory altogether.  


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