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- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
Envestnet, Inc. and ByAllAccounts announced Monday that they have formed a strategic partnership to provide financial advisors with additional means to grow client wealth and increase AUM. The new alliance offers advisors a way to eliminate manual data entry and also to bill for held-away assets.
The arrangement incorporates client portfolio data with wealth management and performance reporting tools, reducing time spent on administrative tasks and improving efficiency, transparency and the ability for advisors to present holistic views of client wealth, including assets that are held away.
Kent Fitzpatrick, managing director of Asset Strategy Consultants–Boston, said in a statement about the service, “Before the Envestnet/ByAllAccounts relationship, there was no eloquent way to get access to accounts not in the Envestnet feeds, such as held-away assets. The ByAllAccounts data aggregation technology automatically delivers the needed positions, transaction details and balances. Now we can view and monitor these assets daily as well as do performance analytics and this has changed the game completely. Where we have actively solicited clients’ held-away assets we have increased our AUM by 40-50%.”
Envestnet and ByAllAccounts will host a joint webinar on Thursday, July 19, at 2 p.m. EDT, titled “Increase AUM and Gain Peace of Mind.” The webinar, hosted by Fitzpatrick, will explain the new service.
Advisors can register for the webinar at http://discover.byallaccounts.com/EnvestnetBAAwebREG.html.