Current trends are indicating that in order to achieve real success as a client money provider, there are many challenges to overcome.
Here is a collection of the key challenges for business owners in today’s fast paced environment according to a variety of leading experts:
- Ensuring compliance to Regulations
- Maintaining innovation in order to be competitive in the marketplace
- Making best use of latest technology as an aid and not a hindrance to business
- Maintaining good Work/Life balance
- Retaining talented, productive, happy teams
- Being able to scale easily and not be hampered by restrictive resources
- Being able to do more with less
- Balancing profit with quality customer experience
- Balancing short term performance issues with long term strategic direction for the business.
- Going global – being able to expand into and trade across multiple markets
- Information overload and managing data
- Recognising the need to change and managing change effectively
The number one challenge facing Client Money Managers is ensuring their service is compliant with Government legislation and regulations.
According to the FCA UK Fund managers hold over £6.6 trillion assets, which is more than any other European nation, across 14.2 million pension savers in the UK and £2.1 trillion pension fund investments.
With increasing pressure of changing Government and FCA regulations, released just this month, fund managers have a double edged sword of having to ensure that every detail of the workings of their business is optimised for compliance and success.
Over the next few weeks we will be providing a series of information bulletins to assist businesses overcome their key challenges in order that they can thrive, rather than just survive.
We will be looking at those underlying issues, often hidden to business leaders, which are directly affecting the vital few strategic goals for 2016 and beyond.
Read more about our software solutions for Wealth Management businesses here.