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The Intelligent Customer Engagement Blog

Financial Advisors Can Use TimeTrade to Satisfy New DOL Requirements Ruling on Financial Advisors—and Improve Client Relationships

A new Department of Labor (DOL) Fiduciary Rule goes into effect April 10, 2017 that will have a major impact on financial advisors, including wealth managers, brokers/dealers, and asset managers.

There are rumblings that the incoming Trump administration or the Republican-controlled Congress could roll back or delay this new DOL ruling on financial advisors. However, many firms have already moved forward and implemented it. Many in the industry believe it is a “competitive advantage” for firms to comply with the rule, regardless of its long-term outlook.

The pending rule protects investors by requiring financial advisors to demonstrate how their advice serves their clients’ best interests. However, it may require changes to the way data is tracked and managed, especially as it relates to client interactions. Many advisors are concerned that this may disrupt their businesses and require costly technology and training.

Client engagement thought leaders, however, see this not as a burden but as an opportunity to connect with clients and strengthen the advisor-client relationship.

TimeTrade’s online Customer Engagement Platform solution can help financial advisors comply with the new DOL requirement, while at the same time improving their client relationships. With appointment-driven personalization from TimeTrade, you can:

  • Include a Click-to-Schedule link in email correspondence with prospective clients that invites them to schedule an appointment for an introductory meeting. This is a fast, easy way to generate new business and eliminate the back and forth required to schedule those all-important first meetings via phone or bulk mail solicitations.
  • Capture and track meetings—both in-person and virtual—that include recommendation conversations. This includes new client onboarding, quarterly or annual reviews with existing clients, ad-hoc meetings, seminars or classes, or any other client interactions.
  • Send automated appointment reminders that will increase show rates and provide instructions to clients about what to expect at each meeting.
  • Track meeting information automatically (when, where, and what topics are covered) and quickly generate reports for internal management (branch managers, compliance) and external authorities (DOL, FINRA, SEC).

TimeTrade fills a critical need for financial advisors by automating meeting management and helping to satisfy DOL Fiduciary Rule Compliance. We also help you better serve your clients by spending less time calling, chasing and waiting to connect with them and more quality time engaging in mutually beneficial conversations. Learn about TimeTrade’s financial advisor appointment setting solutions today.

Written by Cimarron Buser

Cimarron focuses on building strategic partnerships and has held senior global business development positions for SaaS and technology companies. He also is active in providing mentorship for new startups and for entrepreneurs.

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