Summary
What this article covers in 30 seconds
- The FCA’s work on assets under advice gives firms a prompt to assess ongoing advice policies and processes.
- Claims management activity increases pressure on wealth managers involved in ongoing advice service reviews.
- Recordsure proposes a six-step process for proving advice provision against service agreements.
- Document Intelligence can classify records, match evidence to service periods and support consistent past business review.
In recent months, the FCA indicated the urgency for further understanding of the assets under advice landscape and sent a survey to 20 of the largest advice firms in February 2024.
While we await the outcome of this review, firms now have the chance to assess their own ongoing advice services’ policies and processes.
In addition to the regulator’s activities, claims management companies have also been swift to engage clients and lodge complaints against wealth management firms involved in this ongoing advice service exercise.
So, it’s clearly a critical time for ongoing service providers to take stock and expedite action. Knowing where to start can seem a daunting prospect.
The good news is we have the technology and the experience to help.
Our Recordsure technology solutions are designed and configured to expedite the proving of advice provision according to ongoing advice service agreements in six simple steps:
- Sourcing data per customer to construct a ‘what should have happened’ timeline according to their agreement records, platform reserve drawdowns and direct debit history.
- Our AI classifies documents and other records into evidence types. This dates and matches them against your service period timeline to cohort your customers.
- Rapidly remediate the customers with no evidence of advice on file, with the option to take ‘fully populated’ cases automatically out-of-scope.
- A purpose-configured workflow system drives the remaining cases through a past business review cycle in a consistent and measurable manner. If preferred, this stage can be easily integrated with your existing workflow system.
- Our AI finds candidates with evidence of interactions with customers, consideration of their circumstances, and an advice conclusion. AI also finds ongoing advice service agreement details to help augment your timeline and evidence attempts to offer advice to your customer.
- Our review team uses a purpose-designed user experience to verify advice evidence and record proof of findings.
Recordsure’s adaptable, modular approach can evolve alongside your needs and the FCA’s intent.
We give you the best tools to ensure that your ongoing advice services are compliant and deliver fair value for your clients.
Our proven experience
We have what it takes. We’ve solved the equivalent of the ongoing advice service charges challenge in Australia for Tier 1 wealth managers. Recordsure’s unique Document Intelligence tech ingested and reviewed over nine million documents and files, covering a period of circa 1 million years of client advice, related to more than £1 billion client advice fees. In addition to these impressive numbers, we helped the firm reduce client handling time by 80+%.
Frequently asked questions
The FCA sought more information about the assets under advice landscape and firms’ delivery of ongoing advice services.
It can help firms prove whether advice provision matched ongoing advice service agreements and whether evidence exists for each customer.
AI can classify records, match them to service periods and identify evidence of interactions, circumstances and advice conclusions.
We have worked in Australia for Tier 1 wealth managers on over nine million documents and files and more than £1 billion in client advice fees.