Research by Rsrchxchange has found that:
- 54% of asset managers feel ill-informed about MiFID II
- 85% only expect to be compliant by Q4 2017
- While a majority (60%) had already set their research budgets, around a third (36%) were still considering how they would pay for it, with significant discrepancies in pricing making this a challenge
- Most (77%) anticipated a drop in the number of research providers
If you're feeling left behind, follow our top tips to get back on track for MiFID II:
- Assess the 'current state' and conduct Impact Assessments - what happens now? Is it fit for purpose? What more do you need to do and in what areas?
- Gather evidence using objective criteria - assess your strengths and weaknesses. Where do you currently excel and where do you fall short?
- Shop around - there are big variations in costs for research, tech platforms etc, so check what's available and see how it compares with your current arrangements. Conduct a cost-benefit analysis before you make changes.
- Embrace teamwork - appoint a dedicated taskforce to key priority areas to energise, coordinate effort, drive forward any new initiatives, take ownership and deliver.
- Share information and communicate - collaboration is the name of the game. Make sure that you share information and your ideas right across the organisation. Gains and advances made in one area or by one team should be capitalised on to yield time savings in others.