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Advisors to Increase DOL-Related Tech Spend

Tech-centric. | Mike Watson Images/moodboard/Thinkstock


Advisors are still figuring out the impact of the Department of Labor's fiduciary rule. But they think technology will help. The majority of advisors (85 percent) expect to increase their firm's investment in technology to help them comply with the rule, according to a new survey from SS&C Technologies Holdings. SS&C surveyed about 120 advisors during the 2016 Pershing INSITE conference in Orlando, Fla. earlier this month. About one-third of respondents expect to allocate 10-25 percent of their budgets towards DOL-related technology. When asked what type of technologies advisors will need to adopt to comply with the rule, document management/client portal capabilities was the top answer, at 18 percent of respondents, followed by billing - fee scheduling and disclaimer support (14 percent), portfolio management and reporting (14 percent) and financial planning (13 percent).

Hartford Funds Wants to Improve Advisor-Client Relationships

The Humans.


Hartford Funds launched a new program Monday to help advisors improve client relationships by meeting new demands for financial planning and wealth management. Called the Human-Centric Insights Panel, the program will feature experts from varying fields sharing key takeaways advisors can use with their clients. The initial panel includes Dr. Kristy Archuleta, who focuses on financial planning for couples; Dr. Vicki Bogan, an expert in investor behavior; Dr. Barbara Nusbaum, a psychologist who will share insights on emotions and behaviors related to money; and Tim Sanders, an expert on social media, sales and branding who will provide perspectives on how clients perceive advisors. The panelists have already authored several articles for the program's new website, and Hartford Funds plans an advertising campaign to make advisors aware of the Human-Centric Insights Panel.

Not-So-Great Expectations

BlackRock CEO Larry Fink has a sobering message for retirement savers today: Save more, expect less. Fink, whose firm BlackRock has $4.5 trillion and is the world's largest asset manager, told CNBC's Squawk Box that any long-term investor should not expect anything more than 4 or 5 percent, even as he expects the stock market to retain its historical average return of 6 to 7 percent. One element that will have an impact: this week's Brexit vote. While he expects Great Britain to stay in the European Union, he said he is nervous because it's going to be a close vote, and that speaks to larger structural issues that will need to be addressed. "If the U.K. votes to stay, I do believe there has to be policy responses," Fink said. "I'm under the belief now that the government [there] is aware that this anger is real. And if they don't respond to this anger, it's going to get worse."

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