Financial Advisors are often dealing with the general public who have little financial expertise, so Regulators demand a higher level of care:
- Product Due Diligence: Financial Advisors have to undertake more due diligence on the products they are offering their clients, not just recommending suitable products but ensuring they perform as expected.
- Know Your Client: Understanding clients’ investment objectives is critical for any wealth manager, and these requirements have to be formally evidenced and periodically updated.
- Conflicts of Interests: When advising clients it is necessary to identify all the Financial Advisors conflicts of interests, especially commission rates, and formally manage these.
GRC-Maestro can be used as a quick and efficient GRC solution for Financial Advisors to meet their legal and regulatory requirements.