Why is GDPR only 'on radar' for most advisers? 

The European Union General Data Protection Regulation (GDPR), which comes into force next May, will affect the way businesses collect, process and secure personal data. The rules aim to give people greater transparency and control over the use of their personal data and ensure they do not receive unwanted communications. This is likely to have a practical impact on the day-to-day client communication activities of many financial planners and wealth managers.

Yet an IRESS poll with Professional Adviser of more than 100 advisers found that only a third have plans in place to deal with the new rules, while for over half it’s just ‘on the radar’.

What should financial planners and wealth managers be doing to prepare?

Chris Pitt - Head of Market Analysis

“GDPR is a challenge for financial services firms, where marketing communications is a crucial, but secondary part of the business. To support financial planners and wealth managers’ preparations for GDPR, we’ve put together a range of resources to help explain the requirements. We believe there are three key areas which firms should focus on as a priority: consent, appropriateness and retention, but managing and evidencing each of these areas could be difficult for firms who are not using the latest technology for client data and communications. By using an integrated solution, like XPLAN, you can addresses all three of these areas, potentially saving a huge amount of time and money, while complying with the new regulations.”

Back to trends or view more trends below

This site uses cookies to store information on your computer. By using our site you accept the terms of our cookies policy. Accept