Latest XPLAN update helps advisers meet the MiFID II 10% drop rule

18 October 2017

Financial technology business, IRESS, today announced new and extended capability in XPLAN to support wealth managers and financial planning professionals in meeting their MiFID II requirements.

Under MiFID II rules, which come into effect in January 2018, investment firms providing a portfolio management service will need to inform clients if their portfolio falls by 10% or more.

The new XPLAN functionality will alert advisers when a 10% drop has occurred. In addition, a separate function has been introduced to help them manage workflow processes, client contact and compliance records.

Further functionality to support the 10% drop rule allows advisers to search on key filters and if needed to meet compliance requirements, quickly and easily contact clients in-bulk, via integrated email and reporting.

Andrew Simon, Executive General Manager, Product, IRESS, said: “This specific XPLAN capability to meet the MiFID II 10% drop requirement builds on functionality allowing advisers to manage workflows and contact clients when any notable event occurs.

“Within this update we’ve provided a framework that firms may use to connect workflow relating to the 10% drop rule. The changes automate the process, provide an audit trail for compliance, save advisers valuable time and help build stronger adviser-client relationships.”

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