Wealth managers need to ensure that they do not fall into the trap of thinking that MiFID II will only impact the largest financial firms. At least 6,500 small- to medium-sized firms, including numerous wealth managers and family offices are impacted.
MiFID II challenges many areas including, record keeping, transparency, research and best execution. All of this sounds quite daunting for small firms and many are beginning to feel the pressure of the impending deadline.
The most important thing is for wealth managers to prepare for MiFID II as thoroughly as possible before it is implemented in January 2018. According to an market estimates, a typical medium-sized UK wealth manager is spending between £3-5 million on ‘getting ready’ for MiFID II.