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RoboMonitor for DOL Fiduciary Rule Compliance
- 1. Introducing AppCrown RoboMonitor® Comprehensive Retirement Investor Monitoring for DOL Fiduciary Rule Compliance copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
- 2. The “Suitability” Standard is Out & the “Best Interests” Standard is In – for ALL Retirement Clients The DOL Fiduciary Rule requires firms to monitor all client retirement accounts to ensure that “best interests” are always being followed. You can: 1. Monitor every client automatically with a solution like RoboMonitor® 2. Manually monitor most and/or your highest AUM clients, but not every client, and probably not those who have <$50k in AUM (i.e., what most advisors do) 3. Use one or more solutions that help with some tasks, but not everything 4. Do nothing and cross your fingers that you don’t get sued or fined copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
- 3. Typical Setup to Support DOL Fiduciary Rule Define Products for the Retirement Accounts Update/Create Fiduciary Disclosure Enhance New Account Opening Procedure Collect Detail Client Profile Based on Client Profile – select the Most Appropriate Products Document Fiduciary Disclosure copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
- 4. The Truth About Your Client Review • If you have a typical belt curve business, then 20% of your clients represent 80% of your total AUM. It is likely that you have rarely talked to the lower 20% of your AUM clients. • Under the Fiduciary Reg, this service model will lead to potential issues when one of your least AUM clients experiences an investment loss and no one has contacted the client. 0 50 100 150 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 #ofClients AUM AUM VS. # OF CLIENTS Your danger zone copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
- 5. RoboMonitor Investor Profile Client Risk Score Investment Holdings Holding Risk Score Safe? Auto Create Review Log Generate Alert [YES] [ NO ] copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
- 6. Key RoboMonitor® Takeaways • Attain 100% coverage of your retirement clientele systematically, no matter how many clients you have and no matter if they have $20K or $200K or $2M in AUM • Automatically -- and continuously -- align your retirement client portfolios with appropriate risk tolerances • Fortify your business against potential liability resulting from the DOL Fiduciary Rule copyright(c) 2016-2017 AppCrown LLC - All Rights Reserved
Hinweis der Redaktion
- - I think the slides need some color and branding; added a suggested footer layout - If you have the time and inclination I think some supporting images would help on many of these slides but if not the deck still works - Changed the subhead and mentioned DOL rule since (I think) that would still be the primary reason for interest in the solution
- - Moved this slide down because I think it works better after the situation has been described - I wouldn't use animation with arrows because I think it's distracting and slows things down - A slide directly after this one focused on how much work this process entails would be a hepful addition, imho
- Added bullet for the portfolio/risk tolerance benefit