'Damning' study finds wealth managers' suitability assessments are 'not up to the task'

‘Life changes fast’

Wealth managers across Europe admit their systems for assessing client portfolios are “not suitable for the task” and rely too much on “subjective human judgement”.

According to the study from Oxford Risk, almost two-thirds (65%) of the wealth managers agreed that "current systems are too reliant on subjective human judgement". Just 5% disputed this and said there was not too much subjectivity, while the remaining 30% were ‘neutral' on the issue. Morningstar: ESG portfolio implementation still lags among major global investors Oxford Risk analysts said 64% of advisers had criticised existing suitability processes and systems for "being too cumbersome" and not responding to rapid changes in clients' circumstances fast enough. The study was c...