“The time/date stamp feature is a compliance officer’s dream.” Jeffrey, CFP®

Professional institutions are being driven to implement new ways through new business practices and technology to improve documentation and more efficiently manage information by an increasing number of legislation and regulations. This is not just a requirement, but an opportunity for institutions to increase productivity by improving business processes. Mobile Assistant is one such technology tool that produces immediate improvement in efficiencies while meeting new compliance requirements.

  • Mobile Assistant not only increases productivity, but provides third party time and date stamped documentation to protect against fraud and litigation

  • Improve your Client relationship and communication by documenting important personal data

  • Monitor the plan and follow up regularly

  • Immediate documentation of important transaction details increases the accuracy of the information

  • Prepare for the next financial or company audit

  • Determine if a liability is being appropriately addressed by referring to past meeting documentation

  • Efficiently comply with all laws at the federal and state levels

Direct Compliance Comparison of a scenario with and without Mobile Assistant

Scenario One: Without the Mobile Assistant

Client A has been a client for ten years and has limited assets. The bulk of her money is located in a non-discretionary $75,000 mutual fund IRA with a balanced objective. Over the last few years market volatility has turned an account that originally had a 60%/40% stock/bond ratio into a 85%/15% stock/bond ratio. Despite numerous phone calls and annual meetings where you recommended exchanges to get back to the original balanced allocation, Client A decided to stay put. She didn’t want to remove money from funds that were doing well.

This year there was a catastrophic collapse in the stock market resulting in a 60% loss in Client A’s portfolio. You find out that your client (with the help from her attorney) has filed a formal complaint alleging that her investment portfolio sustained excessive losses because her investment portfolio did not match the original agreed upon objective. She is also claiming that she does not recall any of your recommendations for reallocation.

You explain the situation to your compliance officer who then asks for documentation of your conversations and meetings. You regrettably inform your compliance officer that there is no documentation.

Scenario Two: With Mobile Assistant

Before your client goes to her attorney, you have a meeting with Client A to discuss her performance. In preparation, you use Mobile Assistant’s sorting capabilities to print out all time/date stamped correspondence with Client A over the last three years. After showing Client A the documentation of her reluctance to act on your recommendations she apologizes and you two agree upon appropriate changes in the portfolio. She leaves satisfied and never calls her attorney.

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