Arrow Icon
blog header pale blue image blog header abstract shape

Heart of Advice

Insights and best practices for successful financial planning engagement

left arrow Back to All Articles

The DOL Preparedness Checklist

eMoney Communications Team August 15, 2016

Updated on: February 2, 2021

The new Department of Labor fiduciary ruling is one of the most transformative pieces of legislation to affect financial advisors in recent memory. And while the exact nature of the consequences are yet to be determined, that doesn’t mean you can’t be proactive and prepare your business for the new challenges ahead.

Take a look at our checklist of important tasks made even more important by the DOL ruling. How well does your technology offering support and streamline each?

Document Management

The new DOL rule may or may not reduce fees, but it’s definitely going to increase paperwork. Online document management tools provide a secure, easy-to-access place to store all that necessary documentation. Plus, some tools even allow you to send important files such as account statements and annual reviews directly to your clients, making the tracking of important documentation that much easier. It’s like a compliance officer’s dream.

Data Gathering

Some clients can be notoriously tight-lipped. But working without all the facts is no longer an option. Software that “gamifies” the data gathering process online is a great way to engage clients and elicit the important financial information you need to provide advice in their best interests. Plus, by engaging your clients to add data themselves, you save that now even more precious resource – time.

Analyzing Risk and Financial Status

Ideally you should integrate the data gathering and risk assessment process into one to give you a complete picture of your clients’ current situation and risk tolerance. And if you you’re able to gather this data quickly and easily, your process becomes scalable and repeatable.

Developing and Prioritizing Goals

It’s now more important than ever to have a deep understanding of your clients’ financial goals. And while the relationships you have with clients are still the center of this conversation, financial planning software can help document, illustrate, and compare a client’s various goals as well as the potential strategies they can use to meet them.

Reviewing Recommendations

Perhaps even more important than you understanding your client’s goals, is the client understanding your advice. Which is why engaging clients to become an active participant in the financial planning process is key to your technology workflow. Collaborative planning software makes starting the conversation easy and keeps your clients invested in the plans they help build.

Monitoring Ongoing Progress and Reevaluating Goals

Your fiduciary duties don’t end after you’ve put clients in a proper portfolio. The DOL rule requires frequent updates and reevaluations to properly act in your clients’ best interests. Account aggregation helps to automatically update account information, financial planning tools create new reports, and personal financial management websites for clients facilitate communications about goals.

Segmenting Clients

The DOL has made servicing small accounts a whole new problem. Technology however, is able to help when segmenting your book by providing the tools to automate key tasks and monitor clients more easily, while still providing clients with the service they need.


Image of eMoney Communications Team
About the Author

The eMoney Communications team is dedicated to helping users find the most efficient and impactful ways to plan for their clients, while striving to make basic and advanced financial planning accessible for all.

You may also be interested in...

Modern workplace diversity with smiling colleagues

Fostering Diversity and Inclusion in the Financial Planning Profession

The financial planning profession stands at a crossroads of change. As we push towards creating a more inclusive and diverse… Read More

A financial professional working on their laptop.

What’s Inside the New Guide to CFP Board’s Technology Standard?

Technology is a critical tool in every financial planning firm, and it is important for financial professionals to use it… Read More

Capitol Building - Tax Legislation in Senate

Navigating 2024 Tax Legislation: A Financial Advisor’s Guide to Key Updates and Proposed Changes

In the dynamic realm of tax legislation, financial professionals must remain vigilant to navigate their clients’ tax obligations. This blog… Read More

eBook: The New Advisor Value Proposition

Download our latest eBook and learn how top advisors are combining Fintech and FinPsych for superior client outcomes.

Download Now

Sign up to have the most popular Heart of Advice posts delivered to your inbox monthly.

Heart of Advice by eMoney Advisors

Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.