Scott Nicholas
Accenture has unveiled a new cloud-based platform developed to assist wealth management firms that attempt to comply with the Labor Department‘s fiduciary rule for advisers that oversee retirement accounts that will take effect on April 2017.
The company said Wednesday the Accenture Wealth Management Compliance Solution for Salesforce will work with the latter’s Financial Services Cloud created to transform the client-advisor relationship for the digital age.
“Regulatory changes in the financial services industry are pushing financial professionals to transform the way they communicate with clients and manage their investments,” said Rohit Mahna, general manager of financial services at Salesforce .
Kendra Thompson, wealth management services leader for Accenture in North America, said the cloud-based platform aims to assist wealth managers with their task to understand and comply with the DOL rule.
“Given the short time frame and magnitude of the changes, most firms will need to begin executing their readiness plans immediately across every area of their business,” Thompson added.
Accenture noted that the compliance system helps facilitate client onboarding and provides advisers an option to capture client data such as investing experience, risk tolerance and investment goals along with a decisioning tool to guide users through the selection process.
