Your Firm's DOL Solution

Offering scalability, speed to market, flexibility.

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Best Interest Scout℠ is a stand-alone discovery tool that is designed to help you comply with the DOL regulations. It provides a standardized process to get client data to help you evaluate their full financial circumstances and determine whether they are invested in their best interests.

Best Interest Scout℠ is scalable and can help you:

  • Reach all of your clients efficiently
  • Get required information using a standardized process
  • Push data automatically to your CRM, MoneyGuidePro® or other tool

DOL Best Interest Workflow

Do you know how your firm will defend that your advisors' recommendations were in their clients' best interests? PIEtech℠ has developed a full workflow to help your firm define a path to comply with the DOL requirements.

Query

Do you have enough information to determine if all of your clients, including non-qualified accounts, are invested in their best interest?

Obtain

Obtain additional client information through Best Interest Scout. Your firm can then query whether you have enough information on each client to determine if the client is invested in their best interest.

Evaluate

Evaluate that the client's investments are in their best interests and that you are in compliance with the DOL PG 21027-21028 of BICE* regulation using financial planning software such as MoneyGuidePro®

Confirm

Confirm that the client's investments are in their best interests. Send BIC or advisory agreement. If you cannot confirm this, you should stop and determine the next step to take.

Advise

Once the client's best interests are confirmed, render advice. Variable compensation is permitted under BIC. Periodically review whether information has changed before new advice is rendered.



Download the full workflow.

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How does Best Interest Scout℠ work?

Send clients an invitation to participate in Scout.

The client logs into Scout via your client website portal.

Scout imports known information from your site.

Client enters additional data, needs, expectations, concerns and financial information.

Scout sends completed data to the firm.

What kind of firms can benefit from using Best Interest Scout℠?

Best Interest Scout℠ can help firms who need to reach a large number of clients to confirm that they are invested in their best interests. Since it can be customized for the firm, the client experience is seamless, accessed through the firm's website or client portal.

To help you proactively address best interests requirements, Best Interest Scout℠ is especially designed for:

  • Wirehouses
  • Banks
  • Insurance companies
  • Mutual fund companies
  • RIAs
  • Regional broker-dealers
  • Credit unions

"Best Interest Scout℠ offers an alternative discovery method to help firms obtain information needed to ensure they're meeting their clients' best interests before they deliver a Best Interest Contract. Understanding your client is the requirement for firms to comply with the new DOL rules.

While we continue to believe that the delivery of a quality financial plan is the easiest and most prudent means of understanding a client's full financial circumstances, Best Interest Scout℠ allows firms who have not fully engaged in financial planning a chance of meeting the DOL’s April 10th, 2017 deadline."

Kevin Knull, CFP®
President of PIEtech℠, Inc.

What is good financial advice?
What constitutes a quality financial plan?
What does it mean to be a fiduciary?

Based on research, qualitative insight from hundreds of conversations with industry advisors, regulators, attorneys, academics and consultants, and data from over one million plans, Kevin Knull, CFP® outlines the elements of a quality financial plan, how a quality financial plan is an effective and prudent way to comply with the DOL regulations and how it can help financial advisors differentiate their firms in a challenging environment.

Learn from Kevin Knull and 39 key thought leaders as they explore and share unedited insight and best practices for good financial advice, a quality financial plan and the role of a fiduciary.

Take the Proactive Approach

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