Under MiFID II rules, which come into effect in January 2018, investment firms providing a portfolio management service will need to inform clients if their portfolio falls by 10% or more.
The new XPLAN functionality will alert advisers when a 10% drop has occurred. In addition, a separate function has been introduced to help them manage workflow processes, client contact and compliance records.
Further functionality to support the 10% drop rule allows advisers to search on key filters and if needed to meet compliance requirements, quickly and easily contact clients in-bulk, via integrated email and reporting.
Andrew Simon, Executive General Manager, Product, IRESS, said: “This specific XPLAN capability to meet the MiFID II 10% drop requirement builds on functionality allowing advisers to manage workflows and contact clients when any notable event occurs.
“Within this update we’ve provided a framework that firms may use to connect workflow relating to the 10% drop rule. The changes automate the process, provide an audit trail for compliance, save advisers valuable time and help build stronger adviser-client relationships.”
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