Salesforce-based application provides decisioning capabilities for ensuring “client best interest“
NEW YORK; Sept. 28, 2016 – Accenture (NYSE: ACN) has introduced a new cloud-based solution, Accenture Wealth Management Compliance Solution for Salesforce, designed to help wealth management firms comply with the U.S. Department of Labor’s fiduciary rule for advisers overseeing retirement accounts. The rule, effective April 2017, provides that advisers may not receive payments that create conflicts of interest.
The new solution—supported by Accenture’s Wealth Management practice based on an offering that helps firms comply with new Department of Labor rules—is designed to work with Salesforce’s Financial Services Cloud, Salesforce’s first industry-specific product built to transform the client-advisor relationship for the digital age. The solution can be customized to clients’ specific needs, and will be offered as part of Salesforce implementation engagements between Accenture and its wealth management firm clients.
Accenture Wealth Management Compliance Solution for Salesforce facilitates client onboarding by allowing advisors to capture client data such as investing experience, risk tolerance and investment goals to be used to support Department of Labor compliance. Additionally, the solution’s decisioning tool guides advisors through the product selection process, which can be used for a wide array of retirement and insurance products, and helps ensure that investment rationale, suitability and client best interest are considered, captured and stored for audit purposes. The solution also automates the process of determining whether a Best Interest Contract is required and if so, automatically generates the contract for electronic signature by the client.
The Best Interest Contract, part of an exemption to the fiduciary rule, ensures that advisors are operating in their clients’ best interests when investing their retirement funds. The exemption allows advisers to conduct transactions, activities, and receive compensation, otherwise prohibited, as long as they act in accordance with fiduciary standards.
“Accenture’s latest cloud- enabled Salesforce-based solution is intended to give wealth managers some peace of mind as they scramble to understand and comply with the DOL rule,” said Kendra Thompson, North American Lead, Accenture Wealth Management Services. “In reality, advisors only have a few months left to choose, implement, test and deploy a solution. Given the short time frame and magnitude of the changes, most firms will need to begin executing their readiness plans immediately across every area of their business. Above all, the planned changes must be communicated effectively to both advisors and clients.”
"Regulatory changes in the financial services industry are pushing financial professionals to transform the way they communicate with clients and manage their investments," said Rohit Mahna, GM of Financial Services, Salesforce. "Accenture’s new solution is helping advisors to comply with the DOL’s Fiduciary Rule by ensuring the client is at the center of every decision."
Accenture continues to grow and strengthen its position as a leading enterprise cloud services provider. Accenture was one of the first global companies to establish a strategic alliance partnership with Salesforce and today is a leader in Salesforce capabilities with more than 8,100 professionals skilled in Salesforce.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
Accenture is a leader in helping organizations move to the cloud to take advantage of a new era of service delivery and flexibility, where applications, infrastructure and business processes are brought together and delivered As-a-Service. Accenture’s Cloud First agenda offers comprehensive, industry-focused cloud services including strategy, implementation, migration and managed services, and assets including the Accenture Cloud Platform that can drive broader transformational programs for clients. Accenture has worked on over 20,000 cloud computing projects for clients, including three-quarters of the Fortune Global 100, and has more than 31,000 professionals trained in cloud computing.
Accenture Wealth Management Services delivers industry-leading solutions to help wealth managers prepare for the future of investing. Its clients include eight of the top 10 global wealth managers.
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Sean K. Conway
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