Psigma Investment Management & Punter Southall Financial Financial Management

Case Studies

Psigma IM & Punter Southall FM

RDR Strategic & Commercial Healthcheck

PSigma Investment Management (PIM) and Punter Southall Financial Management (PSFM) are part of the Punter Southall Group, that provides actuarial, pensions consultancy, administration and investment services specifically for pension scheme trustees, employers, private clients and institutions.

PIM is a wealth management company, providing investment management solutions for private clients, charities, family trusts, corporate entities and personal pension funds, both directly and  through financial intermediaries introductions, with client assets in bespoke or managed portfolios.  PSFM is an independent financial advisor, specialising in the provision of financial planning and investment advice for individual private clients, including pre and post retirement services.

Business Challenge

With the two business’s directly impacted by the Retail Distribution Review, PIM and PSFM jointly engaged Knadel to undertake an RDR Healthcheck to assess the strategic and commercial impact of the work conducted by both entities in satisfying their obligations under the RDR rules. 

The Healthcheck assessment included analysis of the impact on the respective business models, relationship with other named group companies and client proposition;.

Solution Approach

Knadel RDR Strategic and Commercial Healthcheck utilised a series of workshops and documentation reviews to provide an independent assessment of the commercial, operational, functional and strategic impacts of RDR, reviewing these risks against the:

  • Advisory model – determining the proposition
  • Advisory charging and revenue gap
  • Backbook – establishing the processes for migration of existing client book to new advisory model, in accordance with Suitability rules
  • Communication strategy  – considering the nature, timing and details of both the internal and external communications strategy

It considered any alternative strategies and opportunities, as well as identifying any gaps in the work undertaken by PIM and PSFM to date.

Knadel Value

Knadel has strong experience and knowledge of UK Wealth Management, having a dedicated practice incorporating consultants with practitioner experience across the front and back office of numerous private client organisations.  This experience has created a depth of insight into the functions, operations, services and technology of the participating organisations. 

In addition, Knadel have developed a detailed knowledge of the regulations impacting the market, and have experience developing and implementing Healthchecks to enable firms to meet their regulatory requirements in the most efficient and strategically advantageous way.

Outcome and Business Benefit

The results of the Healthcheck were documented as an Executive “traffic light’ report.  This provided the organisations a clear high level summary of any gaps in their current status versus the needs of RDR, and the impact of these gaps.  In addition, it provided PIM and  PSFM with recommendations as to the necessary actions required to fill and/or mitigate their impact.  This ensured that they could take tactical and strategic decisions to both comply with, and mindful of, their regulatory responsibilities.

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