We are looking forward to IRI Ops & Tech in New Orleans, in just a few weeks. If you're attending the event, plan on attending our breakfast session on Thursday May 4 with Randy Barnes and Travis Champion. The session is titled "A World of Pure Automation: The Golden Ticket for the Future of the Retirement Income Industry." We'll present the session twice, once at 7:30 am and another at 8:10 am. We promise we'll make it worth waking up so early! See below for details on our session:
IFS is excited to be a sponsor for the Technology Tools for Today Enterprise Conference, one of the largest gatherings of broker dealers to explore technology and enterprise solutions. If you'll be in Las Vegas next week for the conference next week, be sure to come by our exhibit at Booth 221 to learn about IFS's new offerings for DOL compliance and our proven automation solutions for onboarding, account maintenance, asset movement and managed accounts.
Topics: IFS Events
Earlier this week, we announced the launch of our DOL Advisor Toolkit, a comprehensive solution for advisors to manage compliance with the DOL fiduciary rule. The toolkit includes a variety of features including account reviews, dynamic dashboards and client communication tools. Most importantly, the DOL Advisor Toolkit enables advisors to automate and execute a number of compliance actions such as executing disclosures, converting accounts or closing accounts. Ultimately, the DOL Advisor Toolkit enables advisors to gain a holistic view of their book of business and take a proactive approach towards compliance and help advisors select the products that make the most sense for them.
Each year, the IFS team tries to support at least one charity organization in the Davidson-LKN area to support through a donation drive. This summer, we decided to hold a Back To School-themed supply drive for one of our favorite Davidson-based organizations, the Ada Jenkins Center. The Ada Jenkins Center has a program called LEARN Works, which provides academic support and enrichment to local children who need it most. You can learn more about their great mission here. LEARN Works has provided academic development and personal growth for first through eighth graders for over 15 years.
Money movement is one of the most frequent requests for advisors and financial services firms. Between ACHs, ACATs, check disbursements, distributions, journals, wires and more, brokerage and wealth firms process millions of transactions each year. So, why is one of the most critical, common processes considered mundane instead of an opportunity to serve and impress clients?
Earlier this month, several members of the IFS team had the opportunity to attend SIFMA’s Annual Operations Conference & Exhibition in Miami Beach, Florida. Not only did our team members get a healthy dose of sunshine, but they also enjoyed numerous educational sessions and panels on the latest operations and technology trends in financial services. Although it was difficult to choose, here are our top highlights from this year’s event:
At last week’s 43rd annual SIFMA Operations Conference & Exhibition in Miami Beach, FL, Randy Barnes, our Director of Product Management had the opportunity to present with our friends at Thomson Reuters on delivering operational excellence. Randy’s portion of the presentation focused on delivering cost-effective operational excellence through straight-through-processing and client onboarding, while other members of the panel discussed exception capture and remediation and shared services.
SIFMA’s 43rd Annual Operations Conference & Exhibition is right around the corner, and we are excited to be in sunny Florida. IFS has been a proud member of SIFMA for many years now, and we are excited to be an exhibitor and presenter at this year’s event. SIFMA Ops is dedicated to helping financial services operations and technology professionals meet today's challenges and prepare for regulatory and industry developments. IFS does this through its own commitment to delivering superior solutions, technology and support that makes brokerage and wealth management operations more efficient, adaptable and modern.
Topics: IFS Events
With the final DOL fiduciary rule likely to be finalized within the coming weeks, financial services firms must start planning their compliance strategy. A recent study conducted by the Financial Services Institute with Oxford Economics estimated that the new rule will cost nearly $3.9 billion to implement. From implementing new systems to adding personnel, firms will need to overhaul their infrastructure and processes to ensure compliance with the new standard.
Within the financial services industry, perspectives vary widely on whether new customer onboarding is a front office or back office function. In fact, a 2011 study from the Aite Group showed that, among small wealth management firms, 26% of respondent viewed new customer onboarding as a front office automated tool, whereas 46% of respondents saw it as a back office function. And, among large to midsize wealth management firms, only 8% of respondents indicated that new customer onboarding is a front office automation tool, and 64% responed that onboarding is a back office function.