RADNOR, Pa., Nov. 3, 2016 /PRNewswire/ -- Supported by findings from a study conducted in partnership with research and advisory firm Aite Group and based on dozens of in-depth meetings with top financial institutions, eMoney Advisor today announced additional details on its Fiduciary Framework initiative developed to bridge the gap between financial planning technology and compliance software. The news comes on the heels of the DOL's release of 34 advisor-generated Frequently Asked Questions, adding additional clarity to the topic of how firms—and the technology providers they've partnered with—can support advisor compliance requirements into the future.
First previewed at the technology firm's Advisor Summit in September, eMoney's innovative fiduciary solutions will include both enhancements to its current product suite as well as new capabilities to enable firms and advisors to better comply with the regulatory requirements of the April 2017 Department of Labor (DOL) Rule. This includes account aggregation, basic and advanced planning tools, observations and next steps for documentation of client interactions, the interactive input of client goals, a suite of reports, screen-sharing tools, advisor-led digital advice, a compliance workflow and automated alerts on client activity. Aite Group's study, which was conducted from August through October of this year, examined the industry's methodology to best align Fiduciary Rule compliance and risk mitigation with a financial advisor's ability to meet client investment needs. Full findings from the study will be published later this month; however, the research has already been instrumental in helping eMoney further refine how its offering can address the gaps. "After extensive interviews with wirehouses, broker-dealers, RIAs, asset managers and other representatives of financial institutions, three themes emerged as critical components of establishing fiduciary status: compliance, analytics and technology," said Matthew Schulte, SVP, Financial Planning, eMoney Advisor. "While we've long known the significant role that technology plays to help advisors maintain and grow their businesses, what the research confirmed is that technology solutions are necessary contributors to comprehensive compliance efforts for both advisors and firms." Leveraging existing and new features, eMoney's Fiduciary Framework addresses each of these themes throughout the four stages of the advisor-client lifecycle, which include: data-gathering, goal-setting, recommendation and ongoing evaluation. Throughout these stages, eMoney's enhanced tools will allow firms and advisors to streamline and monitor client activity while creating more complete profiles of clients. Doing so empowers advisors to demonstrate their fiduciary capacity through technology in a way that is not disruptive to business.