Let’s start today’s blog with an honest statement: Compliance officers in wealth management have it tough today. The regulatory environment is always shifting with laws like the DOL Fiduciary Rule being passed and then struck down. And the ever-changing laws don’t even take into account the various ways that compliance officers have to manage how differently-licensed advisors are overseen by FINRA or the SEC, or both.
When managing complex and varied processes throughout your firm, it helps to have a base of unified data so you know that everything is accurately recorded and accessible from one place.
Here are the top 3 ways that Skience, and Data Consolidation and Replication (Data CaR) in particular, support regulatory processes in your financial institution.
Unified Data
The first and possibly most important way that Data CaR can help to shape your team’s compliance procedures is by giving you a single unified location for all your data.
For many compliance officers, data can be stored in any number of applications. There may be client records in a CRM, but their account information may only be stored in a portfolio management system…but also in a financial planning or even trading app, too.
And that doesn’t even begin to address employee oversight and knowing where to go to manage and approve or review employee trading and other activities required to keep a firm compliant.
The Data CaR solution aggregates data from all of these types of systems, and more, and unifies them into your CRM with contact and account records. Most providers aggregate limited account data but with Skience, you know you have access to every piece of account data that is available. In the end, you only have to navigate to one system to manage all your work.
T+1 Transaction Syncing
Meeting compliance obligations with disparate data sources is a burden on compliance officers, and that burden only grows larger if you aren’t sure whether or not the data you have to review at any given time is the most up-to-date information possible.
Data CaR delivers deep functional expertise with T+1 settlement, meaning that all the account information we sync to your experience is delivered within the next day of transaction.
When you have accurate data delivered fast, you can reduce the regulatory scrutiny on your firm because you give yourself that much more time to address potential compliance challenges.
Custom, Contextual Account Views
In most advisor technology systems, the views a user has accessible are static and common for all financial account data among any type of user.
The Skience platform expands the ability of your firm to give visibility into only the right data that you want to view at any given time.
Through contextually smart views, you can eliminate the frustration of viewing blank data fields not relevant to the types of accounts you’re viewing or the task you want to accomplish. For compliance officers who may need to review only a narrow field of information, this can be game-changing.
And beyond contextually smart views, you can also create custom views for yourself to put only the data you need in front of you—so you can accomplish compliance-related tasks faster and keep your focus where it matters most.
Put Data Management at the Forefront of Your Firm
How can your firm benefit from having integrated data?
Firms with integrated data can expect:
- Customized and deeper engagement leading to optimized experiences and improved client relations
- Streamlined, automated, and efficient processes across the business
- 360-degree view of client data with customizable reporting
- Workflow-driven or automated compliance checks
- Transparency with regulatory bodies with data residing in a single system
- Defined data architecture with a single source of data integrated with downstream systems and processes
- And more
Download our latest white paper to understand the full scope of how firms are succeeding with a unified approach to data management or book a demo with us today!