Using FinTech to Help Fulfill Your Fiduciary Responsibility

As a Fiduciary, you are required to act in the best interest of the client and provide full transparency, including disclosing how you’re compensated and any conflicts of interest.

Certain elements of the DOL’s Fiduciary Rule went into effect in June 2017, and while it’s still unknown what long-term effects the many legal challenges against the Fiduciary Rule will bring, the new regulation has forced many advisors to revisit processes and practices.

In today’s article, I’d like to focus on how the right financial advisor technology systems can help you as you look to make the best decisions for your clients and serve them better.

How Fiduciary Technology Creates a Better Client Experience

Many of the decisions you make contribute to the client experience, and your technology is no exception. The financial technology you utilize every day helps you make decisions on behalf of your clients and provide the best possible experience—ultimately fulfilling your fiduciary responsibility to act in their best interest.

With the right technology in place, you can spend more time with your clients and less time worrying about the tech. But what does this look like? Let’s examine a couple of the most critical pieces of fintech you can use to maximize your ability to create happier clients.

How Your CRM Helps

A big piece of the fintech you use is your CRM, which often acts as the central hub for many advisory firms. This important piece of technology can allow you to automate processes, store documents, and maintain records and client notes.

If you’re already an Orion user, then you know about the time saving you can achieve when you integrate your full Orion Connect platform into your CRM.

Depending on the CRM you choose, you can customize it and add even more integrations, making it unique to your advisory firm.

When all those integrations are put together, your team can enjoy more efficiency in the everyday back-office tasks you have to accomplish. And when you enjoy efficiency, you can turn that time over to focusing more on clients and less on tasks.

Keeping client records, documents, and important integrations in a single system can also give you an enhanced ability to service clients. When your team isn’t wasting time looking for the right information across various systems, you can be more confident you’re providing the best possible experience.

How Your Portfolio Accounting System Helps

Aside from your CRM, the portfolio accounting system—that place where you keep all your client accounts for reporting and more—is the other foundational piece of fintech.

As you’re seeking ways to operate better and push the client experience forward to its best possible place, it’s important to put all the components of your portfolio accounting system to good use.

There are two ways I want to highlight how Orion is providing you solutions that can enable you to provide the full fiduciary experience.

Orion’s new trading and rebalancing platform, Eclipse, can help you make investment decisions by showing you recommended trades, preferred allocations, and help you achieve tax alpha with tax-efficient trading tools.

Your team’s expertise, bolstered by smart technology, can help you make sure you’re doing the best you can for your clients.

Secondly, you can also utilize Communities, which is available within the Eclipse platform. With Communities, you can subscribe to model portfolios offered by leading strategists. It’s another way of helping you select portfolios for your clients and make sure they’re invested appropriately.

You can also sign up as a Strategist on Communities to share the model portfolios you manage with other advisors, possibly creating another revenue stream for your business.

Putting the right financial advisor technology systems in place can go a long way to helping you serve your clients better.

When you maximize your time and use technology to help ensure you are confident in the decisions you’re making, fintech can help you fulfill your fiduciary responsibility to its fullest extent.


About Kyle Hiatt
Kyle Hiatt is Orion's EVP for Business Development. Kyle is a native of St. Louis and a big Cardinals fan. He also excels at playing hoops and dunking on 7 and 8 year olds, and trying to keep the ball in the fairway while golfing.