Complying with the latest regulations passed down by the Department of Labor won’t be solved by a quick fix. Rather, it requires advisors find innovative solutions throughout all stages of their client relationships. From gathering every bit of a client’s financial data to providing advice in their best interest, in a post-DoL world, advisors – and the firms they work for – will need to dedicate more time and effort to almost every aspect of their business.
Yet even as the specifics of the rule continue to unfold, our software continues to provide the tools fiduciary-focused advisors need to remain competitive. Here are the top 6 ways eMoney supports DoL Compliance Today.
1. Gathering Client Data
There’s no sense in even attempting to provide advice in a client’s best interest without all the facts. You now need to understand each and every client’s entire financial picture in order to accurately understand their goals, needs, and risk tolerance. With the only platform that integrates advisor and client account aggregation into an advisor dashboard, eMoney helps advisors streamline the process of creating an accurate picture of every client’s financial status. Plus, it all updates automatically.
2. Managing Documents
I think Newton’s Third Law of Physics states, “More regulation means more paperwork,” or something like that. Either way, it’s clear that eMoney’s online document Vault will be an integral of any DoL solution. Not only does it make collaborating over documents and reports much more efficient, but it also provides a secure and comprehensive record of each of these interactions that advisors or managers can then recall at any time.
3. Developing Client Profiles
Account aggregation might provide the necessary data, but there’s more to a client’s financial status than numbers. Getting to the core of what a client has, where they want to be, and what they need to get there requires collaboration. eMoney’s interactive planning tools facilitate that collaboration and help to generate the in-depth client profiles now required by the DoL.
4. Scalable Planning Solutions
Thanks to the DoL, low-end or smaller clients now need simple and scalable financial plans, while wealthier or more complex clients require planning tools that detail intricate strategies in an easy-to-understand way. Luckily, our basic planning tools and calculators solve for the former by providing financial planning tools that create quick and easy plans, while our advanced planning engines solve for the latter by allowing advisors to showcase various planning techniques side-by-side in real time.
5. Personalized and Templated Presentations
Fueled by each client’s personal financial management website, each presentation created within eMoney’s Presentation Center is specific to and accurate to each client, yet still simple to prepare, saving you and your staff valuable time. And since presentations can be stored in the eMoney Vault, advisors always have a record of the advice they provide.
6. Reevaluate Client Profiles and Recommendations
Automatic account updates. Interactive planning tools. Screen sharing technology for meetings on the go. Customizable Alerts for outlier client activity. Analytics to easily oversee an entire business. Almost every aspect of our software supports and streamlines client collaboration, helping you provide clients with the level of interaction they now not only expect but also require.