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CAPABILITY

Accenture Wealth Management Compliance Solution for Salesforce

Helping wealth managers comply with the US Department of Labor fiduciary ruling.

OVERVIEW

The US Department of Labor’s ruling regarding client best interest for retirement investing will take effect in April 2017, making it critical that wealth management firms focus on achieving compliance. This ruling forbids advisors from receiving variable commissions for conducting transactions within retirement accounts.

However, achieving compliance is proving a challenge for many firms, as many industry players are still working to better understand the requirements set forth by the ruling and decide how to fulfill them. Some firms are focused purely on generating the Best Interest Contract, although a more comprehensive solution would be one that not only puts the contract in place, but also ensures ongoing compliance with client best interest investing. Ideally, firms will review organization-wide processes and make adjustments as necessary to ensure overall compliance with client best interest requirements.

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WHY ACCENTURE

THE SOLUTION

Accenture has created a Wealth Management Compliance Solution for Salesforce™ designed to help wealth managers comply with the Department of Labor fiduciary ruling. Accenture is the first company to have announced an accelerator for Salesforce that wealth managers can use as a foundation to build upon based on their compliance department’s interpretation of the new ruling.

Building on the core functionality of the Salesforce® platform and features of the new Financial Services Cloud™ product, Accenture has developed a comprehensive solution that includes client onboarding features and structured recommendation tracking—two of the most critical elements of compliance. Alternatively, this solution can be added to an existing Salesforce instance or be used as a standalone solution that integrates with a non-Salesforce CRM platform and any supporting systems.

Accenture’s Wealth Management Compliance Solution for Salesforce offers a broad array of capabilities, including:

  • Guided Product Recommendations

  • Client Onboarding

  • Structured Recommendation Tracking

POTENTIAL BENEFITS

Accenture’s Wealth Management Compliance Solution for Salesforce offers several benefits to wealth management firms, including:

  • Automated process to determine the need for a Best Interest Contract

  • Simple process for generating a Best Interest Contract when necessary, obtaining client signatures and storing the signed document

  • Checks and balances to justify that each time advisors make an investment decision or product recommendation, they are acting in their clients’ best interests

  • Ability to easily store records of all investment decisions and product recommendations should there ever be a need to justify advisor actions, which could save millions in legal fees

  • Access to a clean and simple system of record that can provide accountability and transparency for advisors, clients and any investigators

And of course the biggest benefit of all is the ability to make progress towards complying with the Department of Labor ruling by the April 2017 deadline.




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