The Compliance Blueprint

While there is no single solution to ensure compliance with regulatory decisions such as CRM2, Advicent has created The Compliance Blueprint to empower firms and advisors with the tools to deepen client relationships through increased trust and transparency, remain profitable in the facing of changing regulation, and create a streamlined and repeatable process — all while keeping financial planning at the core.

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What is The Compliance Blueprint?

It is clear that holistic financial planning will play a key role when creating strategies for compliance. Our decades of unmatched experience mean we are always prepared for changes in the industry, ensuring our development of first-in-class tools are always ahead of the curve for regulatory changes. The Compliance Blueprint is a three-part offering from Advicent which includes unique compliance-ready financial planning software functionalities and consultant partnership services — all supported by decades of experience providing guidance and thought leadership to our clients through past regulatory changes.

Data collection

With our data gathering tools, advisors are able to collect more thorough and in-depth information pertinent to their client’s holistic financial situation. Advisors are then able to make optimal recommendations based on the best interests of the client. This collection includes data points such as income, liabilities, investments, insurances, risk tolerance, goals, and more.

Comprehensive planning

Providing a comprehensive financial plan is the simplest and most efficient means to justifying a product recommendation or investment strategy. In the event of an audit, an advisor (or firm) can rapidly demonstrate the discussion and decision which lead to a specific product investment.

Scenario manager

Recommendations directly impact a client’s plan. Advisors who effectively demonstrate this impact through multiple scenarios can better justify and explain these recommendations to their clients.

Transparent client reporting

Advicent provides unparalleled transparency in two ways:

1. Our tools include detailed client reporting that creates transparency around data and recommendations from the advisor.
2. Our elegant and easy-to-use client portal, Narrator® Clients, provides 24/7 access to a client’s financial plan.

Recommendation rationale

By documenting the reasoning behind a recommendation, advisors and firms can reasonably justify past and future suggestions.

Complete documentation

In many cases, additional documentation or contracts must be obtained to illustrate that the best interests of the client are being met. Considering the importance of both security and adequate archiving, an independent third-party document storage system should be utilized.

Compliance workflows

Our financial planning tools strengthen organizational oversight by empowering home offices with firm-level compliance management leveraging predefined workflows.

Progress reporting

By continually analyzing plan progress, advisors can make the correct alterations and future recommendations in support of their compliance efforts. This documentation will become extremely important if the advisor or firm were ever to be audited.

Collaborative fact finding

Coming soon: Collaborative fact finding is a tool that combines an easy-to-complete fact finder and account aggregation to ensure your clients’ information is entered correctly into their financial plan and enable advisors to receive a deeper understanding of their client's financial situation to provide recommendations in the client's best interest..

Synopsis reporting

Coming soon: Synopsis reporting allows an advisor to provide a list of assumptions and inputs into the client's plan, ensuring the data is correct and the advisor is acting in the client's best interest.