We launched on 5 February 2019 with high hopes – both DFMs and advisers had been telling us what a hassle it was to respond to and process due diligence requests, so DD|hub was launched to bring DFM due diligence into the digital age.
One year on, and adviser reactions have been fantastic – many have said that this is exactly the kind of system they’ve been waiting for (“Why’s nobody done this before?”) and how this has the potential to transform their processes.
Almost 400 adviser firms have signed up – thank you, to all our supporting advisers – and more than 1,700 due diligence requests have been fulfilled over the first year, with over 900 sets of data also being downloaded for review offline.
This represents a colossal time-saver for both DFMs (who may otherwise have to respond to individual requests) and for advisers, who get immediate, online, access to data – delivered in a consistent and easy-to-compare format.
We’ve also rolled out a number of new features, including the ability to “Follow” an investment manager so that you’re notified when their responses to any of your questions change – a great way of keeping on top of PROD’s monitoring and review requirements.
So, great results. But we’re not complacent – advisers are telling us they want to see more DFMs on the platform and more complete responses from the firms that are there. We’re working hard on both, and there are 10 new firms in the pipeline, with data on the platformwhich is awaiting review and sign-off before it goes live. Advisers can help, though, by contacting the DFMs they’d like to see, asking them to join DD|hub.
There’ve been many great quotes and testimonials from advisers – thank you to all for your encouragement – but one in particular sums up what DD|hub is about:
“It’s very impressive… Something which is long overdue and could be extremely advantageous as we outsource the majority of investment management. Having a first class research facility and audit trail will enable this key part of the business to run more smoothly whilst meeting regulatory requirements.”Tom Munro, Tom Munro Financial Solutions
Thank you, Tom!