How to Comply with the DOL Fiduciary Rule Using Microsoft Dynamics CRM

DOL Fiduciary Rule Compliance Management built on Microsoft Dynamics 365The new DOL Fiduciary Rule has many financial advisors scrambling for a better way to track and manage customer data. The Department of Labor regulation, which goes into effect April 10, 2017, is designed to protect investors. It requires anyone that provides financial advice to have a clearly defined and auditable process for demonstrating they have acted in the best interest of their clients. If their recommendations are ever brought into question, a financial advisor must be able to prove they have put their client’s interest above their own.

Without the proper procedures in place and systems to support them, this could lead to a major disruption in business and expensive technology investments. Unless you already use a CRM solution.

If you are using Microsoft Dynamics CRM, you are already a step ahead in the race toward DOL Fiduciary Compliance. DOL Fiduciary Rule Compliance Management, a solution designed by AKA Enterprise Solutions for Microsoft Dynamics 365 and Microsoft Dynamics CRM (online and on-premises), allows financial advisors and their support teams to comply with the new regulations — without expensive new technology and the steep learning curve that often follows. It saves you both time and money while enabling you to enhance customer relationships and grow your business.

Advisor Benefits

  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

Back Office Benefits

  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)

Client Benefits

By providing a 360-degree view of all relevant customer information with detailed documenting and tracking of recommendations, AKA’s DOL Fiduciary Rule Compliance Management solution also helps advisors provide better service for their customers. Ensuring that recommendations are in the best interest of clients will go a long way in building trust and confidence, customer satisfaction and loyalty. Dynamics CRM’s increased visibility into customer preferences and trends will also allow advisors to recognize potential opportunities and build stronger customer relationships.

DOL Fiduciary Rule Compliance Management WebcastWould you like to know more about achieving DOL Fiduciary Rule compliance with Dynamics CRM and AKA’s DOL Fiduciary Compliance Management solution? Watch the webcast we recorded with CEB: Compliance and Client Loyalty – How to Tackle the DOL Fiduciary Rule with CRM.

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

By AKA Enterprise Solutions

By | 2018-07-06T17:41:44+00:00 December 30th, 2016|Compliance|0 Comments
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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.

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