In our last blog post, we shared and explored the top 8 trends that are currently influencing wealth management onboarding. One of those trends is so pervasive and impactful that we felt it deserved its own blog post. That trend is the overwhelming shift towards integrated client onboarding experiences. Like we mentioned in our last post, firms have historically viewed the client onboarding process as a standalone process. But, today, firms are taking a broader, more client-centric view of the onboarding process.
As everyone in wealth management knows, the onboarding process is the first step towards a great client relationship. If all goes well, it builds the foundation for a long and mutually beneficial future for the client, advisor and firm. Because the onboarding process really begins with the first contact with an advisor, a negative experience could make a bad first impression, or, worse, cost you the client.
Everyday we work with clients to improve their processes. The processes may be different – client onboarding, account maintenance or money movement – but they all have one thing in common: they are all designed to streamline the work.
The media coverage of the Department of Labor’s fiduciary rule’s impact on annuities has been incredible. The media have covered everything from how the rule is driving annuity product innovation and prompting the migration of advisors from commission sales to fee advice business models, to the ways product distribution methods will be affected. But, there is one change that has not received a lot of attention: the way advisers will need to service existing annuity clients.
The Labor Department issued its first round of responses to Frequently Asked Questions about the fiduciary rule released earlier this year. The Labor Department plans on sending a total of three rounds of responses to FAQs. This first round of Q&A (34 questions and answers) are related to the best-interest contract exemption and prohibited-transaction exemption. The second round of FAQs is expected to be shared soon according to Ms. Borzi, the assistant secretary of labor at the department’s Employee Benefits Security Administration. You can view the entire FAQ document here.
All advisor businesses have a number of small (or accommodation) accounts. The accounts may be from an advisor’s friend or relative, the children of larger accounts, or even a legacy account from when an advisor started his or her business.