If Google can create an automated car that stays in its travel lane, why can’t financial technology help advisors stay within the limits of the U.S. Department of Labor’s fiduciary rule?
Milwaukee-based Advicent is now pitching its newly updated suite of financial planning software as a toolbox to prepare advisors for the enforcement of the fiduciary rule slated for next year.
“The DOL rule has created tailwinds towards transparent, collaborative and advisor-led planning experiences,” says Advicent CEO Phil Cunningham. “Financial technology has to find ways for advisors to be more efficient planners and more effective communicators.”
On Monday, Advicent announced that it is building a DOL Education Center in its Advisor Briefcase communications tool.
The education center will include an overview of the DOL fiduciary rule, content to assist in positioning the value of planning that advisors can use when educating clients about the rule, and shorter advisor modules around specific topics like collecting commissions, potential changes to the rule and anticipated enforcement of the rule.
Advisor Briefcase assists advisors in creating sales and marketing content to provide relevant, real-time information to their clients.
Advicent’s newest offerings are designed to build trust between advisors and clients through collaborative technology that can be implemented throughout the planning process. Key to strengthening the advisor-client relationship is a higher level of transparency between firm and client.
The DOL fdiduciary rule is making financial planning software a “must have,” says Anthony Stich, Advicent’s director of global marketing
“Technology makes compliance so much easier,” Stich says. “Now advisors and clients can stay connected to the financial plan not just every three, six or 12 months, but constantly. Being able to show someone at any given time their retirement plan is a win for both advisor and client.”
Last month, the firm rolled out its Narrator product suite featuring three tools: Narrator Clients, Narrator Advisor, and Narrator Connect.