As the rush to become compliant with the new requirements of CRM2 intensifies, the software tools associated with conforming to the new regulations have advisors knocking on the doors of third-party providers
As the rush to become compliant with the new requirements of CRM2 intensifies, the software tools associated with conforming to the new regulations have advisors knocking on the doors of third-party providers.
“The questions come up as a matter of habit now – and we’ve had significant growth and interest in our cloud-based solution,” says John van Kralingen, responsible for sales and client management at Univeris. “We’ve been fortunate enough to sign on nine new clients in this year alone.”
That engagement can be attributed not only to the interest in CRM2, but how companies are marketing to clients, tailoring presentations to compliance officers in a variety of formats.
Van Kralingen says that typically they will sit down individually with clients to meet on a monthly basis, while also hosting a compliance roundtable of compliance officers from all of their clients, specifically on CRM2.
For one company, the technology is crucial for meeting CRM2 regulations.
“We launched a financial planning application firm-wide, which significantly enhances the practice management offering that we have for advisors,” says George Aguiar, president and CEO of GP Wealth Management. “And that would be in connection with the CRM2 transitions that are coming in.”
Embracing the new technologies necessary to meet CRM2 requirements is necessary, especially to maintain the stipulations for transparency in transactions.
It’s our view that for those transparent aspects that are coming in to the reporting side, we run the risk that clients may look at that and say, ‘what am I getting for what I am paying?’” says Aguiar. “And so what we’ve been doing is re-tooling our advisors to get them focused in on providing a formal, written financial plan and updating that regularly with clients.”
