Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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New Advanced Configuration Settings In AdvisorVault’s Client View Aid Broker-Dealers And RIAs

As strange as it may seem to investment advisors, B/Ds are concerned about possible liability exposure arising when clients are able to upload documents to their advisor’s online vault. While the issue could be dealt with contractually, it is worth mentioning the concern of one B-D and the improved configuration settings recently added to AdvisorVault to address the issue.

 

AdvisorVault is a secure system for advisors to share documents with clients. It integrates client communications into your work flow and engages clients. It also enables advisors to collaborate online with a client’s attorney and accountant, thus helping advisors build a team approach to wealth management and building a referral network of allied professionals.

 

 

One large B-D that claims to be planning  implementation of AdvisorVault with hundreds of its affiliated advisors raised a concern about clients uploading documents to AdvisorVault. The B-D is worried that a client might upload information about his financial situation that the advisor is unaware of and that conflicts with the advice proffered by the advisor. For instance, what if the client posts a document declaring he is a conservative investor when the advisor has determined the client is a growth investor?

The advisor could add a sentence or two to the AdvisorVault user agreement, which must be approved by his clients before they enter their vault for the first time. Such language would help protect the advisor by saying that the advisor is not responsible for knowing about all the information clients upload to their vault. But we went a step further.

For B-Ds and RIAs concerned about client uploads, advanced configuration settings recently added to AdvisorVault now allow you to disable upload privileges by clients. You can also disable the upload privilege on attorneys, accountants, and other outside professionals.

Another new configuration setting added to AdvisorVault allows advisors to disable a client’s ability to request their advisor grant vault access to an outside professional.

The default configuration of AdvisorVault allows clients to request that you provide access to a lawyer or accountant. Transparency is the operative idea behind all of our default settings, in alignment with fiduciaries.

A small percentage of advisors did not want clients to be able to request that their advisor grant access to an accountant, attorney, or other professional. So we’ve made that doable  in a  few clicks.  The video shows you how it’s done.

Released in 2007, AdvisorVault is used by 700 RIAs to share information with clients securely. Advanced features replete throughout AdvisorVault make it highly configurable, and a free desktop app puts your client vaults on your desktop, which makes it really easy to use. For $1,000 a year, AdvisorVault can be added to any advisor website. For $2,337 a year, a Platinum license provides financial news articles and videos reviewed by FINRA, automated website archiving, eight hours of service, and a content management system.

 

AdvisorVault’s Client View

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