By Dina Mestel, Sales Trainer
Now may be the perfect time to think about software technology and your business. There are many aspects of the Department of Labor fiduciary rule that are still unclear. However, one thing that is fairly certain is that demonstrating processes and documenting recommendations are going to be a key part of proving compliance with the rule.
Only time will tell the path that each financial professional associated with a financial institution will have to take in their business. If you are already using software to organize your client’s information and document your transactions, you may already be ahead of the game. If you are not currently using technology as a part of your business, you may want to start seriously considering your options.
Given the more stringent documentation requirements that are likely to arise from the new DOL standard, it would appear new technology or software upgrades in your practice will be inevitable. New software can help to fulfill the requirements for generating a complete process of evaluating and documenting that recommendations made to the client on their qualified monies are in their best interest.
This means not only must the product be suitable, but a prudent person in similar circumstances would agree that the recommendation was actually in the best interest of the client. Specifically designed software could generate a process of documenting the product features and recommendation given to clients in order to make sure all I’s are dotted and T’s are crossed for each transaction.
If the use of any type of software solution has been nonexistent in your practice, now would be a great time to get acquainted with some options that are currently available so you can get used to using software and electronic systems as a part of your sales process. At a minimum, gain some experience using financial analysis or retirement income planning software.
Keep in mind this is something to start thinking about, but no action should be taken until your financial institution weighs in on their approved form of technology. The marketers at Ann Arbor Annuity Exchange are familiar with some of the tools available to the industry right now and would be glad to talk with you more about them. 800.321.3924
Dina Mestel | Sales Trainer
Ann Arbor Annuity Exchange
Ph: 800.321.3924 x119 | Dir: 734.786.6119
Designed for Financial Professionals.