The survey conducted by Sprint Enterprise Technology involved 121 UK wealth managers and found that 66% said their biggest concern in client reporting is around a lack of integration between systems used to gather data needed to create the reports.
In addition 63% stated that the time it takes them to produce an RDR compliant client investment report is a ‘key concern’ while 95% of those questioned said it can take up to six hours to produce an annual report for a client. The average reported time taken to produce a client report was only two and a half hours however.
“In trying to adapt to the change in regulations post RDR, financial advisers have been forced to implement all sorts of new tools, and now they have very real concerns about how the various systems they use talk to each other,” said Christopher Willmott, CEO of Sprint Enterprise Technology.
“Wealth managers who use technology that can truly aggregate data and help to create consistent, accurate and timely reports in an efficient way will be in the strongest position to continue to grow their business and face the inevitable challenges – and opportunities – post RDR,” he added.
