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eMoney Compliance Tool Goes Live: Tech Roundup

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Advisor Assurance, a new compliance solution from eMoney Advisor, launched on Tuesday despite the delay in the DOL fiduciary rule.

“Advisor Assurance provides a scalable compliance solution for firms of all sizes, regardless of what happens with the DOL,” Ed O’Brien, CEO of eMoney Advisor, said in a statement. “Over the years, eMoney has focused on creating better and more innovative ways to collect and analyze client data as part of a holistic planning approach. This solution is an extension of our long-term vision to enable a scalable, collaborative financial planning experience, ensuring clients’ goals are met diligently and efficiently.”

Advisor Assurance will help eMoney clients streamline documentation and archive interactions with their clients. It will maintain an archive of deleted records. and help review and approve client presentations.

The tool is available on the eMoney dashboard.

Lead generation company AdvisorStream announced on Tuesday that it has integrated with LinkedIn business pages to connect advisors with more qualified prospects.

AdvisorStream noted that a quarter of LinkedIn users are over age 35, and over 40% have annual income of at least $100,000, making them ideal prospects for advisors.

“LinkedIn has become a place to actually grow your business and has proven to be a viable customer acquisition channel,” Nathan Linton, an account executive at AdvisorStream, said in a statement. “Financial advisors have often shied away from using social media, either due to compliance issues or due to a false narrative that their target market doesn’t do social media. And that simply isn’t true. Many advisors who were ahead of the curve on this trend just a few years ago have turned social media into their main client acquisition channel.”

He added that “FINRA and the SEC all have clear guidelines regarding online record keeping, what constitutes an endorsement and how financial advisors can represent themselves through social media. With the right tools, and a bit of training staying compliant is pretty straightforward.”

SS&C Advent and Riskalyze announced on Tuesday that they have updated the integration between Riskalyze and Black Diamond.

Riskalyze and SS&C announced in September 2016 that Black Diamond advisors could purchase Riskalyze as an add-on, which allowed portfolio data to be shared with Riskalyze. Now, data will flow in both directions. Users will be able to see Riskalyze content from the Black Diamond platform, including client and portfolio risk numbers, risk/reward heatmaps and probability charts.

The update has already been rolled out to current users, and pricing remains the same.

On Thursday, SS&C announced that it has added over 1,000 advisory firms to the Black Diamond platform, which collectively advise on more than $6 billion across over 1 million accounts.

With that growth, SS&C has also grown its support team, increasing staffing in implementation, service, operations and product development by almost 50% since acquiring Advent in 2015.

“We understand that advisors are dealing with a fast-changing landscape – from demographics to regulatory to financial technology,” Dave Welling, managing director and co-general manager for SS&C Advent, said in a statement. “Black Diamond provides the technology and tools advisors need to manage the complete wealth picture for clients. Replacing existing systems is a major decision, especially core portfolio management and accounting platforms. We are honored when firms choose Black Diamond to be the platform for growth.”

— Read Hearsay Launches AI-Powered Compliance Platform: Tech Roundup on ThinkAdvisor.