As the April, 2017 compliance date for the U.S. Department of Labor’s fiduciary conflict of interest rule looms, many wealth management firms wrestle with how to understand and comply with the rule. To help with this dilemma, Accenture has introduced the Accenture Wealth Management Compliance Solution for Salesforce, supported by our dedicated Department of Labor consulting team. As insurers, asset managers, direct brokerages and full service wealth management firms search for the most efficient methods of compliance with the DOL rule, our solution will help speed them on their way to the end goal.
This Accenture accelerator guides advisors through the product selection process and helps ensure that investment rationale, suitability and client best interest are considered, captured and stored for audit purposes. In addition, it will help firms identify and solidify the fiduciary relationship with the client. It provides a foundation on which wealth management firms can configure their unique needs for compliance—and can be used for any type of financial product, including insurance.
Designed to work with Salesforce’s Financial Services Cloud, the solution is the company’s first industry-specific product built to transform the client-advisor relationship for the digital age. We designed this solution with the Salesforce team especially for the cloud product, but it can be plugged in to any Salesforce.com (SFDC) instance—and used as a standalone, if required. We built the accelerator with an eye on the future, using a flexible platform that can rapidly adapt as more clarity around the ruling surfaces.
Clients who adopt this solution can count on a completely electronic process—no paper necessary, from onboarding to advisement. It allows advisors to quickly capture client info, generate proposals, (including the best interest contract and best interest contract exemption) and send for electronic signature.
The Accenture solution is part of a broader collaboration we have with SFDC, which I will be blogging about in the near future. Watch this space to learn more.
To learn more about how Accenture can help your firm on its road to regulatory compliance, email me, Kendra Thompson.