Are You Ready for the Fiduciary Rule?

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The Department of Labor (DoL) Fiduciary Rule is to be phased in from April 10, 2017 to January 1, 2018, and the date is fast approaching for financial professionals who find themselves caught within the new legislature.

The crux of the debate is that the new rule expands the definition of a “fiduciary” in an investment advice role under the Employee Income Security Act of 1974 (ERISA). From April 10th it will include all advisors who work with retirement plans or even provide retirement planning advice, binding them legally and ethically to meet the standards of the status.

Weighing in at over 1,000 pages of legal documentation, the rule will have sweeping effects across the financial advisory sector. But the impact will vary across different types of advisor. Many observers suggest those who work on commissions, such as brokers and insurance agents, will be impacted most.

Legislative context

The DoL’s ruling is aimed at stopping the $17 billion a year the government claims investors waste in excessive fees. The idea is that the new regulation will stop advisers from putting their own interests in earning high commissions and fees, above their clients’ interests in obtaining the best investments at the lowest prices; the definition of fiduciary leaves no room for advisors to conceal any conflicts of interest.

As financial advisors grapple with the ever evolving complexities that develop from one of the largest legal changes to the industry since ERISA, it becomes clear that amongst all the issues, the many challenges can be converged into a single question: how can advisory firms, asset and wealth managers continue to grow within this new landscape? Read More

 

 

Financial Institutions Adopt Applet Approach

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The following is a summary of an article titled ‘Be Modular. A lesson for financial services’ written by Chris Allchin and Matt Austen.  InvestCloud’s Digital Applet Platform was designed from the beginning to provide financial institutions a digital Applet framework which supports this modular thinking for client communications, management, and automation.  The Applet capabilities are used by all types of financial firms, from independent RIAs to the world’s largest banking brands.

To continue reading the full article, click here

InvestCloud Announces Joint Business Relationship with PwC

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InvestCloud, LLC, the world’s largest Digital Applet Platform specifically designed to meet the needs of all types of financial services organizations, today announced that it has entered into a non-exclusive joint business relationship with PwC designed to accelerate adoption and implementation of the InvestCloud Digital Applet Platform. PwC will be a preferred implementation and strategy partner of InvestCloud focused on enterprise delivery and innovative development of new financial applet capabilities.

“InvestCloud has built an innovative and one-of-a-kind digital applet platform leveraged by 660 independent and institutional clients globally with over $1.5 trillion in assets on the platform,” said John Wise, CEO and Co-Founder of InvestCloud.”PwC is one of the largest strategic consulting organizations in the world, and has an excellent track record of connecting scalable innovative solutions like InvestCloud with some of the world’s largest financial brands. We are thrilled to partner with them to support our continued growth across the globe.

Click here to see the full press release.

Chicago Clearing Corp and InvestCloud, Inc. Announce New Partnership

InvestCloud, Inc, a provider of cloud-based front, middle and back office solutions focused on digitizing customer experiences and internal operations for global investment advisors, today announced a partnership with Chicago Clearing Corp., (CCC), a class-action claims recovery specialist. The partnership will deliver a technology solution for financial institutions to manage, file, and recover funds in securities class action settlements. Financial advisors within the InvestCloud universe will now have a turnkey solution that increases value to clients by streamlining the settlement process from beginning to end.

Today, most financial advisors rely on mailings or hard-to-track industry communications just to stay informed of existing settlements. Claim filing itself requires a significant amount of paperwork filing on behalf of the Advisor and/or client. InvestCloud’s customized Chicago Clearing Corp Applet will dramatically simplify this notoriously difficult process.

“InvestCloud has built an easily deployable and scalable first-class investment platform for every professional investment manager or financial institution. By partnering with Chicago Clearing Corp we are increasing our user experience and continuing to support our ongoing effort to improve advisor efficiency,” said John Wise, chairman and CEO of InvestCloud, Inc. “The partnership with Chicago Clearing Corp is yet another example of how we’re helping advisors to grow and achieve great results for their clients, while equipping them to become leaders in the industry.”

Read more by clicking here.

InvestCloud’s 3 Organizing Principals: Fulfillment, Function & Form

 asset management cloud CLIENT REPORTING family office cloud family office reporting hedge fund cloud investment management cloud john wiseAs Mick Jagger wrote, “If you try sometimes, you get what you need”. At InvestCloud’s User Conference, CEO John Wise and team relate how Fullfilment, Function and Form enable clients to have an amazing digital client experience. Click on image to view more.

Tales from the Digital Experience Frontier

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InvestCloud held its Second Annual Client User Conference in Orlando, Florida last week, and received strong, positive feedback from the sessions. Therefore, over the course of the next several weeks, we will be summarizing these key sessions in more detail on NewThink. Despite hosting more attendees at this year’s User Conference, InvestCloud was still able to maintain the same level of intimacy and executive access that so many clients have said was one of the primary benefits of the conference. Read more by clicking on image.

Is your company utilizing Social Media?

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Did you know that there are over 35,000 financial planning firms on LinkedIn today? Besides that, Facebook is no longer the arena for teens and young adults. There is a 78% usage rate by those with an income of $75,000 a year and higher. View more to find out how social media has evolved and became increasingly relevant for the Financial Industry by clicking on the image.