eMoney has announced the launch of their new Fiduciary Framework. The Fiduciary Framework is eMoney’s comprehensive DoL Compliance solution aimed at providing advisors and firms with the tools they need to remain DoL compliant throughout each stage of the advisor-client lifecycle. A mix between existing functionality, product enhancements, and new tools, Fiduciary Framework is a firm-wide initiative that bridges the gap between financial planning tools and compliance software to create a fiduciary focused planning platform.
Over the next several months, eMoney will be adding enhancements throughout their product suite to provide compliance and planning solutions for the entire advisor-client lifecycle.
These enhancements include:
- Enhanced Basic Planning Tools: Updates to the eMoney basic planning tools and calculators such as Needs Analysis providing advisors with scalable planning solutions to support the increased planning needs of all their clients, particularly those who did not need planning prior to the DoL rule
- Advisor Branded Marketing: Advisor Branded Media is being more closely integrated into the eMoney App and rebranded as Advisor Branded Marketing. Part of this update will give advisors the ability to track the delivery of client and prospect education materials, ensuring their marketing efforts comply with the DoL
- Advisor Analytics: Advisors will be able to create a custom dashboard of insights that help to quickly track and monitor their entire business for DoL compliance
In addition, eMoney will be adding new components to the product offering. These include the following:
- A new Onboarding Workflow: As part of the eMoney Client Experience, the new Onboarding Workflow automates the client onboarding process, saving advisors the time it takes to gather the data necessary under the DoL.
- A workflow to establish the need for BICE forms as well as one-click delivery and archival of BICE forms.
- A Lead Generation Tool for automated marketing efforts.
- Advanced Office Analytics to provide managers and other home-office administrators with the tools to identify trends and gaps in the DoL compliance entire office’s wealth management process.
- New Comprehensive Compliance Tool to monitor and archive key client and advisor interactions. Its features are primarily targeted towards the Compliance Officers in the Home Office or Firm, but its benefits will span Managers, Advisors, Assistants, and the End-Client users of eMoney.
For individual advisors, the compliance tool features and functionality include a compliance analytics dashboard, visibility of client logs, the ability to upload a document and request client acknowledgement, the ability to view changes a client makes, plus the ability to schedule regular annual reviews and generate reports or presentations automatically.
- New Onboarding Workflow: November 8, 2016
- Advanced Analytics (Office and Advisor): November 2016
- Compliance Tool – Phase 1: Targeting early 2017
eMoney expects to launch Phase 1 of the Compliance Tool early in 2017. The new onboarding workflow is scheduled for release November 8, 2016. The advanced analytics should be available some time in November 2016.
For further details, visit: www.emoneyadvisor.com.