The Verve Group has created two template documents to help financial planning firms deal with the changes in their workload and workplace while also needing to comply with MiFID II requirements.
The first is a draft letter for the 10% falls in clients’ portfolios. This is an optional letter firms can send to clients to sit alongside any standard letter the portfolio manager has already sent, to help clarify and reassure clients in difficult times
The 10% drop letters are part of the requirements under MiFID II, which also require advisers to present clients with suitability reports prior to undertaking work.
Jo Campbell, director of Operations at Para-Sols, one of The Verve Group companies, said that with firms finding meeting MiFID II requirements a challenge in the current climate and in the run up to the tax year-end, as well as many investors wishing to take advantage of the opportunity of investing while markets are lower, the firm had also created a template suitability report, which can be used to provide a quick and simple top-up to a client’s existing ISA or pension portfolio.
The 10% fall letter can be found here: 10-drop-letter-template-document.
The top up suitability template can be found here: ISA_Pension_Top_up_template
Alternatively email [email protected] and we’ll send them to you.
Campbell said that Para-Sols is operating as normally as possible, having the ability for virtual operations built into the systems and working practices. She added that current workload for the outsourced paraplanning operation included a big increase in new investment cases.
She said that sister company Apricity was also operating as normal.
