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Cetera Introduces New Tech Stack for a Post-DOL World

Cetera is using the DOL rule as an opportunity to overhaul its technology stack, starting with an alliance with PIEtech.

Independent broker/dealer network Cetera Financial is taking the Department of Labor’s fiduciary rule as an opportunity to overhaul its advisor-facing technology. The firm announced a series of strategic partnerships with tech vendors—the first of which is with PIEtech, one of WealthManagement.com’s 2016 Industry Award winners.

“We are confident that the firms best positioned for success will replace the traditional 'business-to-business-to-consumer' linear approach within the IBD space with an ecosystem in which the financial advisor, the broker/dealer and the retail investor client have a true partnership with one another, characterized by a closer alignment of interests and a greater degree of transparency than ever before,” said Robert Moore, CEO of Cetera, in a statement.

“This alliance is the first in a series that will come together to form a technology ecosystem capable of placing Cetera, its advisors and its institutions on the winning side of the demographic, technological and regulatory changes that are transforming our industry."

The firm has turned to Edmond Walters, board member of Cetera’s parent company Aretec, who has an extensive tech background as the former CEO of eMoney, to guide the firm on its technology decisions and integration.

As part of the first partnership, Cetera advisors will have access to PIEtech’s Best Interest Scout, a stand-alone discovery tool that provides a thorough exploration of the client’s total financial picture and helps advisors meet their clients’ best interests before they deliver a best interest contract. The stack will also include myMoneyGuide, a client-driven digital financial planning tool, as well as MoneyGuidePro, the company’s financial planning software. 

As Cetera adds technology partners, the tools will be integrated with one another and available on one consolidated platform for use across its b/ds. The new tech stack will be rolled out early next year.

"The key to success in the new regulatory environment will be the ability to obtain more and better client data on a scalable basis, and to deeply evaluate it to provide a higher quality of advice that also conforms to a more rigorous standard of client engagement,” said Kevin Knull, president of PIEtech, in a statement.

TAGS: Technology
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