Firms seeing the rule as an opportunity to gain market share are seeking new technology to assist in compliance.
San Diego, CA – November 16, 2016 – Seismic, the leading enterprise-grade sales enablement platform, today announced their solution to help firms comply with the DOL Fiduciary Rule. Approved in early April, the rule has had a major impact on the financial services landscape, and wealth management firms of all sizes are seeking ways to ensure that their advisors are fully compliant. Forty-six percent of advisors do not yet know how that will happen, and with less than five months until the new rule goes into effect, their teams are currently pursuing technology and processes to help advisors and clients see success in this new regulatory environment.
By taking advantage of Seismic’s content automation and monitoring capabilities, wealth management firms can ensure compliance with all contract, disclosure, and record-keeping requirements, allowing them to facilitate a first-rate client experience while remaining within the boundaries of the new rule.
“While many firms are cutting back product offerings or eliminating services altogether, others are investing in ways to make the DOL Rule not a challenge, but an opportunity,” said Craig Dunham, VP and GM of financial services at Seismic. “One of the main differences between these two strategies is how firms view the adoption of new technologies, and Seismic is leading the way in terms of tools for those looking seize the opportunity.”
Seismic is being utilized in the following ways to help comply with the DOL Rule:
- Validate: Seismic’s LiveDocs® technology allows advisors to quickly and easily validate that their investment recommendations are in a client’s best interest. LiveDocs templates can be used to generate product scores, side-by-side comparisons, fee analyses, and other documentation to demonstrate how and why certain investment options are better than others through client-specific information mapped directly from CRM records and insight-driven advisor selection.
- Document: LiveDocs® technology streamlines and automates production of account-opening records, exemption contracts, meeting minutes, and other documents that incorporate client and product specifics as well as all required disclosures and acknowledgements. By storing all account documents centrally in Seismic, firms can easily access and monitor documents for audit and compliance purposes. Seismic also automatically archives every revision with annotations, comments, and approvals, as best practices and procedures evolve.
- Train: Through Seismic, advisors can access targeted and just-in-time training anywhere, anytime, on any device. Training can be tagged for specific accounts and opportunities per DOL mandates. Training completion and test scores can be monitored, verified, and even used for locking and unlocking content. Additionally, Seismic’s WorkSpace collaboration feature allows teams to come together and refine best practice policies and procedures and prepare for new presentations.
“In the coming months, many firms will make major decisions on where they stand on the DOL Rule,” said Dunham. “To put it simply: There is no other content platform that better allows financial services firms to mitigate the effects of the rule in these essential ways as Seismic.”
For more information on how Seismic is helping wealth management firms comply with the DOL Rule and how the financial services landscape has changed since the rule’s approval, visit Seismic’s DOL Rule site here.
Seismic is the leading end-to-end sales enablement solution for institutional financial services firms worldwide. Seismic’s platform gives asset and wealth management firms and business banks the ability to deliver the right client content at the right time, facilitating a world-class client experience. With Seismic, marketing teams are automating the personalization of client-facing materials via Seimsic’s award-winning LiveDocs® technology, which are then automatically accessed by distribution teams at any time, on any device, and always fully compliant, allowing them to spend more time developing and nurturing client relationships. Headquartered in San Diego and with 210 employees across the globe, Seismic is privately held by its founding executive team and investment firms General Atlantic, JMI Equity, and Jackson Square Ventures.
For more information about Seismic’s end-to-end sales enablement solution, please visit www.seismic.com.