The Compliance BlueprintThe Compliance Blueprint

While there is no single solution to ensure compliance with the DOL Conflict of Interest Rule, Advicent has created The Compliance Blueprint to empower firms and advisors with the tools to deepen client relationships through increased trust and transparency, remain profitable in the facing of changing regulation, and create a streamlined and repeatable process — all while keeping financial planning at the core.

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What is The Compliance Blueprint?

It is clear that holistic financial planning will play a key role when creating strategies for compliance. Our decades of unmatched experience mean we are always prepared for changes in the industry, ensuring our development of first-in-class tools are always ahead of the curve for regulatory changes. The Compliance Blueprint is a three-part offering from Advicent which includes unique DOL-ready financial planning software functionalities, a DOL Education Center, and consultant partnership services — all supported by decades of experience providing guidance and thought leadership to our clients through past regulatory changes.

The Compliance Blueprint
data collection

Data collection

With our data gathering tools, advisors are able to collect more thorough and in-depth information pertinent to their client’s holistic financial situation. Advisors are then able to make optimal recommendations based on the best interests of the client. This collection includes data points such as income, liabilities, investments, insurances, risk tolerance, goals, and more.

comprehensive planning

Comprehensive planning

Providing a comprehensive financial plan is the simplest and most efficient means to justifying a product recommendation or investment strategy. In the event of an audit, an advisor (or firm) can rapidly demonstrate the discussion and decision which lead to a specific product investment.

scenario manager

Scenario manager

Recommendations directly impact a client’s plan. Advisors who effectively demonstrate this impact through multiple scenarios can better justify and explain these recommendations to their clients.

transparent client reporting

Transparent client reporting

Advicent provides unparalleled transparency in two ways:

1. Our tools include detailed client reporting that creates transparency around data and recommendations from the advisor.
2. Our elegant and easy-to-use client portal, Narrator® Clients, provides 24/7 access to a client’s financial plan.

recommendation rationale

Recommendation rationale

By documenting the reasoning behind a recommendation, advisors and firms can reasonably justify past and future suggestions.

complete documentation

Complete documentation

In many cases, additional documentation or contracts must be obtained to illustrate that the best interests of the client are being met. Considering the importance of both security and adequate archiving, an independent third-party document storage system should be utilized.

compliance workflows

Compliance workflows

Our financial planning tools strengthen organizational oversight by empowering home offices with firm-level compliance management leveraging predefined workflows.

progress reporting

Progress reporting

By continually analyzing plan progress, advisors can make the correct alterations and future recommendations in support of their compliance efforts. This documentation will become extremely important if the advisor or firm were ever to be audited.

synopsis reporting

Synopsis reporting

Synopsis reporting allows an advisor to provide a list of assumptions and inputs into the client's plan, ensuring the data is correct and the advisor is acting in the client's best interest.

account aggregation

Account aggregation

Account aggregation enables clients to enter their own account information into their financial profile which is then viewed by the advisor and updated into the client's financial plan. This cuts down data entry for the advisor and increases transparency and collaboration in the client-advisor relationship.

collaborative fact finding

Collaborative fact finding

Collaborative fact finding is a tool that combines an easy-to-complete fact finder and account aggregation to ensure your clients’ information is entered correctly into their financial plan and enable advisors to receive a deeper understanding of their client's financial situation to provide recommendations in the client's best interest.

DOL Education Center icon

DOL Education Center

This education center includes content such as an overview of the DOL Fiduciary Rule; shorter advisor items including topics around collecting commissions, potential changes to the rule, and anticipated enforcement of the DOL Rule; and content to assist in positioning the value of financial planning that advisors can leverage when educating clients on the impact of the rule – thus abiding by the new fiduciary standard set by the DOL.

Advicent DOL rule position document cover fan

DOL rule: Our post-election position regarding compliance with new fiduciary standards

Download our DOL positioning paper to learn more about how the DOL fiduciary rule has redefined client expectations in the digital age.

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North Highland Consulting

Advicent clients can leverage our North Highland partnership and utilize their DOL Fiduciary Foundations Playbook which includes a risk assessment, DOL readiness assessment, advisor training, and more. This holistic and structured approach will assist firms in quickly implementing changes that may be necessary with the new regulations. Advicent clients who take advantage of North Highland services will receive preferred pricing on this solution.

To learn more about this partnership, call (885) 855-7526.