I am trying to streamline our review process. We are an advisory firm with a CIP, with roughly 50% of our clients in a model portfolio and 50% in more bespoke (non-model)portfolios. Typically, clients will have their portfolios rebalanced on an annual basis. The process is currently:
- Client Meeting, Update factfind, file notes etc.
- Submit a request to our Investment Team to provide recommendations to rebalance the client’s portfolio.
- Prepare a suitability letter giving details of the rebalance (recommended sales/purchases and reasons why). Typically around 9 pages long.
- Issue letter to client for approval
- Advise Investment Team to place trades once approval received
- Send trade confirmation to client.
Does this sound like a typical review process to you? I previously worked for a discretionary firm so the approach was obviously very different.
Thanks for your views and any opinions.