Advisor Group, the nation’s largest network of independent wealth management firms, has added new features to its digital client onboarding and account management platform to help financial professionals comply with the SEC’s Regulation Best Interest.
The new tools include options for managing electronic delivery of required disclosures, key account documents and more, the company said.
Advisor Group claims that its eQuipt dashboard will serve as a single point of entry for its financial professionals and will include digital collaboration for opening new accounts; processing financial planning agreements and invoices; streamlined funding via ACATs, ACH, and mobile deposit; and accessing and editing email addresses for clients and prospects.
Additionally, the new dashboard incorporates Reg BI-ready features when the rule takes effect on June 30, including the new digital eConsent tool. This feature allows financial professionals to view which clients and prospects are not enrolled in eDelivery for certain account documents and disclosures, and then will send them an invitation to enroll.
The tool then captures each client’s consent, logs it for record-keeping, and enrolls the client in eDelivery, converting a previously paper-based task into an online one.
“While much of the wealth management industry views Reg BI with uncertainty, we view it as an opportunity to better support our financial professionals and their clients,” said Jamie Price, Advisor Group president and CEO. “Our new eQuipt Dashboard does this through a streamlined platform that aligns with the way clients expect advice to be delivered – digitally, with a minimum of paperwork to weigh them down.”
Advisor Group serves approximately 11,300 financial professionals and oversees more than $450 billion in client assets. The firm’s affiliated broker-dealers are FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, Woodbury Financial Services, Securities America, Triad Advisors, Investacorp, KMS Financial Services, and Securities Service Network.