Cetera Case Study - Getting ready for the new Dept. of Labor (DOL) Fiduciary Rule

Cetera Financial Group is a retail investment advice platform and the nation's second largest independent financial advisor network by number of advisors. Cetera offers a network of Broker Dealers that in turn support the advisors. Cetera’s founding principle is to be of service to others and Cetera prides itself in the level of support and training it provides its network of advisors.

The Need

The Dept of Labor (DOL) was getting ready to publish its new and much anticipated rules on meeting fiduciary responsibilities as an advisor, and Cetera needed to ensure that its large network of advisors was ready for this change. According to Morningstar Financial Services Observer, October 2015, the Department of Labor’s new fiduciary rule will affect $19 billion of revenue at full-service wealth management firms. Which of Cetera’s advisors will be affected and how should Cetera develop and individualized preparedness plan for each of its advisors? To address this need, Cetera developed DOL DynamIQs™—an actionable program for adapting to this change. And the heart of this was the idea of iQuantify an online “readiness assessment” that defines individual at-risk revenue and helps the advisors prepare. Now Cetera needed a FinTech partner to implement iQuantify in short order, to get ahead of the coming change.

Pending1
Pending1
Pending1
Pending1

Solution

Söoryen Technologies, with its deep understanding of Financial Services as well as a strong team of full stack developers, was an ideal partner to implement iQuantify. Taking the idea from inception, Söoryen implemented Cetera’s iQuantify tool with a robust backend as well as an attractive front-end to engage each individual advisor. Söoryen’s implementation of iQuantify could assess areas of need in their business and suggest a personalized learning path to help advisors prepare for the DOL Fiduciary rule - all within a self-paced learning environment. With a strong team and flexible resource planning, Söoryen was able to deliver this critical tool ahead of schedule, helping Cetera and its advisors prepare for the $19 billion rule that could change their business in fundamental ways.