May 22, 2018
This is massive risk for advisory groups in the near future because their client records are not unified.
Technology will be the panacea to deliver real-time monitoring, exception reporting, and remediation. However, in order to do this properly advisory groups are going to have to improve their client records. Most groups have completed Client Profiles by hand with limited data being put into their financial planning workbench, like Xplan.
Much of the valuable information to enable better monitoring isn't captured by these workbenches, particularly around Best Interests, appropriateness, and client objectives/ goals.
Digital fact finding alleviates these issues by collecting accurate and complete client data uniformly in a format that is more accessible to all parties.
OnTrack Retirement has a digital fact finding solution that is affordable, efficient, and enhances client engagement for advisors.
Our solution simplifies compliance by moving information from paper to digital with built-in compliance tools, reports, and processes. Using our solution will enforce compliance obligations as processing occurs and creates a complete audit trail for all parties.
Financial Planning Association
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May 22, 2018