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MiFID reporting portal launched

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Imagine being able to give your clients the ability to access all of their financial data, on the move, 24/7... The freedom this would give them, and how this could revolutionise your relationship with them. Not only will they be able to access their investments and pension and general savings portfolios,...

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by moneyinfo
| 11/07/2019 12:00:00

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Published via FT Adviser. Read the full article here.

A number of discretionary fund managers have signed up to an app-based portal that tackles particular reporting challenges caused by MiFID. 

Launched by Moneyinfo, the app tackles quarterly bulk reporting requirements and the challenge of how to inform clients of a 10 per cent drop in their portfolios. 

The portal extracts data from a manager’s system daily and also brings all a client’s financial information together in one place. 

Moneyinfo stated it has been introducing the app-based portal a number of wealth management and DFM firms per month, adding to its client base of more than 85 businesses and 22,000 end users. 

Tessa Lee, managing director of Moneyinfo, said: "Our aim is to help advisers and DFMs interact better with their clients, strengthening their relationship via this branded one-stop tool.

"The key is simplicity for the client and it’s common sense given people use apps to manage many aspects of their lives – whether it’s Amazon, Uber or Airbnb."

She added: "However, for DFMs and managers themselves, a huge sweet spot internally is our ability to automate what has previously been sent by paper or insecurely via email.  

"Many existing systems have simply not caught up with regulatory requirements so DFMs and wealth managers are forced to employ manual systems, which are expensive, tailoring every report, individually printing them off and often using third-party print agencies for distribution.

"Typically, they need to send 100s or even 1,000s of these, from quarterly report packs to notifications if investments fall by 10 per cent or more."

Those that have signed up to the service already include Whitechurch Securities, Gore Brown Investment Management, Saltus Private Wealth and RC Brown Investment Management.

Alan Beaney, CIO of RC Brown Investment Management, said:

"This is a big step ahead of anything else out there. It is fully branded and tailored to our requirements so clients feel they are getting extra added value from us.

"However, one of the key benefits for us internally is secure electronic delivery of all our reports, which are placed in a folder and distributed automatically to clients.

"Clients get a notification on their mobile (or email) that they have a new report. Also, clients can send instructions to us securely as we’re not keen on doing this by email and many clients are not keen to write letters." 

He added: "In essence, we are offering clients something special which differentiates us and at the same time we have cut down massively on our paperwork and the related costs.

"In our own case, what we have saved on postage and printing has already covered our annual fee, regardless of all the other benefits such as separate tailored views for portfolio performance etc."

The portal cost starts with £5,000 upfront for the core IFA product, while the DFM and wealth management upfront cost is £20,000.

This covers fully branded apps for iPhone and Android.

Published via FT Adviser. Read the full article here.