Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

The advisor practice should be prepared to add new procedures and technology platforms to support the DOL operating environment. The requirements of an advisory practice to support DOL comprehensively will involve the capabilities and technologies described in the sections below. Contact Management/CRM Many agencies and advisory firms employ a form of Client Relationship Management (CRM) platform in conjunction with the practice. For many firms, however, the DOL will likely dictate a more comprehensive use of such a platform than many firms currently employ in operations. In the field, the CRM will be required to document prospect and client communications, since most communications can be construed as “recommendations” under the DOL and the advisor must avoid any recommendation that contains “misleading statements.” As such, the advisor and staff will likely have to thoroughly document these communications as a requirement of the Financial Institution and make the content discoverable and accessible in …

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Why Cybersecurity Rules Are More Than Just Busywork

Why Cybersecurity Rules Are More Than Just Busywork

Cybersecurity rules can sometimes seem like overkill, but it’s important to follow them to the letter to keep customers’ data safe. “The result of data breaches can be costly, especially for small and midsize companies that cannot weather the costs and damage to their reputation,” says Steven Shapiro, a lawyer who has worked as chief privacy officer at a bank holding company and is now in private practice. “The cost can be in dollars lost in compliance to pay for the release of ransomware, loss of customers, dismissal of critical employees and in repairing one’s IT infrastructure.” Here are four reasons why following IT rules is so important, every time. 1. It’s the Law As technology advanced and it became easier to store — and disrupt — large electronic files, the U.S. government enacted legislation to regulate the storage and sharing of information. For those in the financial industry, provisions …

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3 Simple Steps: The Easy Work-Flow To Add A New Contact In SmartOffice

You use SmartOffice every day to make your life easier. But we want to make your life even easier. So here are our 3 simple steps to make adding a contact in SmartOffice a breeze. Step 1: Using the Quick Add feature, located in the middle, at the top of your screen, select Contact from the new drop down list. Step 2: When the New – Contact form opens, enter your client’s information. *To kick-off a work-flow process remember to add them to an Opportunity. Step 3: Click Save & New if you have more contacts to add or Save & Close if you’re finished.   Voilà! You’ve just added a new contact to SmartOffice in 3 simple steps. If you have any questions about your SmartOffice products or services we’re here for you! Contact your SmartOffice sales rep or reach out to our support team by calling 855.275.3249 or …

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Webinar: Welcome To Insurance Sync For SmartOffice

Last week Ebix hosted a webinar featuring Tony Wang, SmartOffice’s Director of Brokerage Sales, where he hosted a live demo and Q&A for Insurance Sync. If you missed it, don’t panic! We have the recording just for you.     If you have any questions that aren’t answered in the webinar please feel free to email tony.wang@ebix.com today! Our goal is to continually improve SmartOffice to exceed your needs, so if you’d like to offer your feedback we’d greatly appreciate it! There’s an optional survey that you can complete here, if you feel so inclined.

3 Letters That Will Transform Your Business Overnight

Benefits of a CRM for Your Business

What if someone said with just three letters they could help you increase your sales, streamline your process, boost efficiency, and land more referrals. What is this enigma you ask? CRM Now some of you may be rolling your eyes and others may be nodding in agreement. Over the years CRM (Customer Relationship Management) systems have adopted a bit of a bad reputation. With the dot-com bubble burst in the early 00’s, CRM systems stumbled a bit when it came to adapting and evolving. Because of this they struggled to meet the needs of businesses. Over the last 16 years, CRM systems have more than adapted. In fact a recent study published by Gartner predicts that by 2017 the CRM market will generate $36 billion and it’s already the fastest growing type of business software.  CRM systems aren’t just helping us do business, in some cases they’re changing the way …

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