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iDealResponse Prepares Financial Advisors for Fiduciary Duty

Audio Social Platform Helps Financial Advisors Have Compliant Conversations

DRAPER, UTAH – Jan 21, 2013 – iDealResponse prepares financial advisors to be compliant with fiduciary duty by helping advisors improve conversations.

“The fiduciary duty aspect of Dodd-Frank has huge potential ramifications for financial advisor conversations,” said Chris Bijou, CEO of iDealResponse. “It means that every conversation they have with clients is a potential liability for both them and the financial institution they work for. With that in mind, every financial advisor should know exactly what they can say in any situation, and every financial institution should be aware of exactly what their advisors are saying to clients.”

Title IX, subtitle A of the Dodd–Frank Wall Street Reform and Consumer Protection Act gives authority to the Security and Exchange Commission (SEC) to impose regulations requiring a fiduciary duty by financial advisors to their clients. The fiduciary duty will require advisors to make the interests of the client the highest priority when making recommendations, regardless of the amount of compensation that the financial advisor may receive as a result of their recommendation.

iDealResponse uses a social platform-based SaaS system to measure and evaluate financial advisor conversations. Through this system, company executives and managers create potential questions or situations financial advisors face. Advisors then provide their best verbal responses. The teams then review and evaluate the responses, choose which responses are best and make them available to the whole team for use to improve conversations and maintain compliance to Dodd-Frank.

Paul Lentini, a bank branch manager in Port Richey, Florida, said: “Our new advisors must make the effort to be radically better prepared to have current, compelling, and compliant conversations with clients and prospects. The financial services industry has changed significantly in the last five years.  What worked a few years ago is no longer enough. This is especially true with overhaul regulations like Dodd-Frank and a stalled economy that makes consumers nervous. We rolled out iDealResponse to better equip our advisors to effectively communicate with clients and prospects.”

The Dodd-Frank act was signed into law on July 21, 2010, and although the SEC has yet to impose the fiduciary duty, the SEC Chairman, Mary Schapiro, said this year that the fiduciary duty is still a top priority.


About iDealResponse

iDealResponse provides the first verbal response management (VRM) system that measures and improves proficiency in sales and customer service interactions. It provides real-time, peer-based training to help employees deliver content that is compelling, engaging, accurate and is delivered with the right tone. It has been adopted by Fortune 100 companies, including four of the top 10 financial services companies. iDealResponse is headquartered in Salt Lake City. For more information, please visit www.idealresponse.com.