By October 1, 2018, Advisers who have been using the Limited MDA / No Action Letter exemption to manage client portfolios need to make alternative arrangements. Failure to make a positive choice will mean reverting to manual ROAs for every client transaction with the resulting loss of efficiency and service.
Clients – not used to receiving individual recommendations – may well regard this as a substantial loss in value.
There are a large number of options available to advisers and licensees, including
- Becoming an MDA Provider
- platform SMAs,
- internally managed portfolios or outsourcing portfolio construction,
IMAP – the managed accounts industry body – together with leading platform provider OneVue and global investment house Mercer offer a strategic workshop to decide on your options, covering
- The specific options available to advisers and licensees
- Benefits and costs of each option
- Internal and outsourced services
- How to take clients and advisers with you on the journey
By attending – you’ll understand the choices available to your practice or license and be able to select which will work best for you.