Written by Kronos Technologies on March 27, 2019
The right technology can make it easy for financial advisors to achieve compliance—reducing low-value work like data entry and filing, and freeing them up to spend more time in front of their clients. A good, advisor-specific CRM enables advisors to automatically fulfill record retention requirements, secure client data, and provide disclosure. When integrated with a quality Financial Needs Analysis (FNA) tool the software can also provide evidence of the advisor’s needs-based approach to sales.
Read on to see how Kronos Technologies Kronos Finance and Kronos FNA solutions can help you maintain compliance and take your practice to a new level.
Kronos Finance is an advisor-specific, web-based CRM solution that enables you to centralize all your clients’ insurance and investment information. And it’s more than just a powerful productivity, marketing, and sales tool. Kronos Finance includes a variety of features that make it easy for advisors to achieve and maintain compliance, such as:
The document module in Kronos Finance allows advisors to create customized documents and insurance and investment-specific templates. It contains a wide variety of pre-defined templates for everything from replacement notifications to advisor disclosures. These templates can be customized or used as is. This makes it easy for advisors to create, store and retrieve essential compliance documents—making record retention a snap compared to the old, manual process of filing and storing reams of paper.
The document module is a great way to automate and speed up the disclosure process—and, because the disclosures can be attached to the relevant client record they are always easily accessible for compliance purposes.
At a time when clients are inundated with phishing and fraud scams, and stories about corporate misuse of customer information or even data breaches—they are understandably anxious about protecting their financial information and identity. Those real customer fears make it vital that advisors go beyond just complying with data policies and regulations, and demonstrate that the security of their client’s information is a paramount concern. And, more than just reducing advisor and client risk—doing a great job of protecting a client’s personal and financial information is also a superb way to build trust and confidence.
To ensure the security of advisor-client communications and client data, Kronos Finance has a built-in SecureMail capability. SecureMail enables you to protect the emails you send with a password and receive a read receipt when the recipient has read the email. The content of the email doesn’t pass through a public mail server so it’s never exposed to threats. And, the email and all attachments are encrypted using the same SSL security that banks use—ensuring top level security of the client’s precious data.
Demonstrating a needs-based approach to sales and keeping good records can be a hassle, but pretty straightforward if you’re just dealing with paper documents. But how do you handle things that were said or agreed to during client discussions? The answer is, Kronos Voice—a feature of Kronos Finance that allows you to record and store an audio file of each of your outgoing phone calls. All phone calls are attached to the relevant client contact record, so you can easily access them. Having this record of what was said during each client interaction helps maintain compliance. It also, provides advisors with an invaluable record of what was agreed to with each client—enabling the advisor to review discussions and ensure that no promised activities are missed during follow-up.
Achieving and maintaining compliance requires advisors to retain records and be able to create a defensible audit trail of their activities. Paper-based records are vulnerable to loss or damage and are hard to work with. And many digital documents can be easily altered. That’s why Kronos Finance automatically freezes advisor activity files and preserves an unalterable record of what took place between advisor and client.
In Kronos Finance, thirty days after an activity has been marked as complete by the advisor, the CRM will automatically lock the record, meaning it can’t be changed or deleted. At any time you can print out a PDF report of all your activities with any client, giving you a complete record of your client activities for compliance purposes.
Kronos FNA is a complete insurance and financial needs analysis tool that makes it simple to uncover sales opportunities, help your client understand the risks they face, and develop a plan for managing them. It’s also a great tool for efficiently and effectively maintaining compliance.
The FNA makes it easy for advisors to collect all the data they need to demonstrate a needs-based approach to sales, including: general client information (like age, marital status, etc.), financial objectives, investments, insurance, balance sheet, cash flow, and various analyses (retirement, life insurance, disability, critical illness, debt, emergency fund and human life value.)
Because the FNA integrates with the Kronos Finance CRM, it not only populates the client’s information automatically (saving time and effort), but the needs analysis can be attached to the relevant client record, preserving it for compliance purposes. And, each time an advisor conducts a client review meeting and updates the FNA a log of changes is kept, enabling the advisor to demonstrate their needs-based approach over time.
Kronos Finance and Kronos FNA make it easy for financial advisors to achieve and maintain compliance. The software solutions reduce time spent on low-value activity (like data entry and filing) and free up advisors to spend more time working with their clients. Kronos Finance automatically retains the important client records necessary for compliance. It gives advisors bank-level security for client data and communications. And it makes advisor disclosure a breeze. The integration with Kronos FNA enables advisors to quickly and easily complete comprehensive FNAs that demonstrate a needs-based approach to sales. Implementing this powerful combination of tools will help you maintain compliance and take your practice to a new level.