How Financial Advisors Use CRM to Meet DOL Fiduciary Rule Requirements (and Strengthen Customer Relationships in the Process)

Financial Services Global Investment Managment Meeting lowrez 300x232 How Financial Advisors Use CRM to Meet DOL Fiduciary Rule Requirements (and Strengthen Customer Relationships in the Process)Scheduled to go into effect on April 10, 2017, the Department of Labor (DOL) Fiduciary Rule is a hot topic among financial advisors including broker/dealers, asset managers, and wealth managers because it has a dramatic impact on how financial advice is given in the United States. The rule’s goal is certainly worthy. It protects investors by requiring financial advisors to demonstrate how their advice serves clients’ best interests. However, it requires significant changes to the way data is tracked and managed. And that translates to business disruptions and expensive technology to support new processes.

But is that necessarily true? And are there potential opportunities being overlooked?

CRM: A way to comply with the DOL Fiduciary Rule that won’t complicate business…or break the bank

With the clock ticking, financial advisors need to get processes and technology in place, regardless of the cost or operational headaches that it creates. However, today’s powerful CRM capabilities have made it possible to prepare for and manage compliance without the big price tag and frustrations associated with implementing a new system.

DOL Fiduciary Compliance Management, a solution designed by AKA Enterprise Solutions for Microsoft Dynamics 365 and Microsoft Dynamics CRM (online and on-premises), enables financial advisors and the back-office employees who support them to address the DOL Fiduciary requirements with minimal effort or disruption, and without the painful cost.

How it supports advisors:

  1. Capture and track events that qualify as recommendations—e.g., Onboarding, New Account Creation, Change of investment, Quarterly review, and Investment Research—and route them to back office employees for review and approval
  2. Use the intuitive, mobile-enabled interface to capture and report on key client, account, product, and event type information within a recommendation
  3. Quickly and efficiently capture research and maintain a product library

How it helps the back office:

  1. Easily create and update BIC contracts, maintaining them in a central location
  2. Use dashboards to monitor and review recommendations created by advisors
  3. Quickly generate reports for internal management (branch managers, compliance) and external authorities (DOL, FINRA, SEC)

An unexpected bonus: achieving DOL Fiduciary Compliance with CRM and strengthening customer relationships in the process

With the power of a CRM system behind it, the right DOL Fiduciary Rule solution can help financial advisors better serve their customers while meeting regulatory requirements. With a 360-degree view of customers as well as detailed tracking of events and interactions, advisors will feel secure that their recommendations are in the best interest of the customer and that those recommendations are thoroughly documented.

But that same visibility provides a deeper understanding of customers, enabling advisors to be more proactive in uncovering and addressing potential problems while taking advantage of more opportunities. And that helps build stronger relationships.

Webcast Image 300x234 How Financial Advisors Use CRM to Meet DOL Fiduciary Rule Requirements (and Strengthen Customer Relationships in the Process)Upcoming webcast: Compliance and Client Loyalty – How to Tackle the DOL Fiduciary Rule with CRM

Want to learn more about how you can achieve DOL Fiduciary Rule compliance while enhancing the customer experience?  Join CEB and AKA Enterprise Solutions for a live webcast on December 8th, Compliance and Client Loyalty – How to Tackle the DOL Fiduciary Rule with CRM.

Sign Up for the Webcast or Register for a Recording

There is no cost to attend, but space is limited. RSVP to save your seat.

Can’t attend on December 8th or missed the webinar?  Register for the recording.

About AKA Enterprise Solutions

AKA Enterprise Solutions helps asset management, investment banking, private equity and wealth management firms transform the way they do business with world-class solutions built on Microsoft Dynamics 365, CRM and ERP, as well as Office 365, business intelligence, and mobility.

A combination of deep technical expertise, years of experience working in financial services, and a highly collaborative approach has earned us an unmatched reputation for delivering ongoing return on investment.

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