FireLight® DOL Sales Support Solution

Implement Compliance and Fiduciary Sales Automation.

Leverage a flexible workflow solution to support your DOL fiduciary rule compliance requirements.

FireLight

DOL Support Capabilities

FireLight® delivers a robust, multifaceted e-application solution that provides the foundation to build your Department of Labor (DOL) fiduciary processes and workflows. FireLight will enforce financial institution (FI) approved workflows and provide your advisors the guidance they need to work in the best interest of their clients.

Providing unique flexibility, FireLight enables integrated support of DOL requirements into your sales processes, seamlessly. FireLight supports multiple workflow options to meet individual firm defined fiduciary sales processes and provides key sales components to meet DOL fiduciary and suitability requirements—all while, delivering an intuitive, prudent, and defendable sales process.

FireLight framework provides the aptitude to add or subtract key components and support strategic integration capabilities to meet varying DOL strategies and sales processes. The platform allows you to incorporate and execute the Generic Disclosure, Best Interest Contract (BIC), PTE 84-24 Disclosure, and Transaction Disclosure at varying times through the sales process with built-in e-signature and review. Your organization can create individual signing ceremonies to fit your defined process or bundle all application and disclosure components into one package for a single signing ceremony for an enhanced client sales experience.

Click on a in the Sales Journey below to see how the DOL workflow sales component will assist you in meeting DOL Fiduciary Rule requirements.


Know Your Client

Execute the Generic Disclosure upfront and capture client needs in a recordable prudent process. Incorporate e-signature and review queues for Generic Disclosure and Needs Determination transactions as needed to fit individual firm processes.

  • Collect Needs & Needs Determination to Support Client Objectives, Goals and Needs
  • General Disclosure
  • Pre-Sales Client Data Capture for Application Pre-Fill

Product Filtering

Leverage data captured through the Needs Determination process to filter products and only show options that meet the client needs. To document illustration and comparison requirements, integrate with ForeSight® illustration or a 3rd party product comparison or illustration vendor, or manually upload supporting sales documents to generate a compliant supported sales process.

  • Fiduciary Standard of Care and Diligence
  • Best Interest of Client
  • Support Fiduciary Principal Requirements
  • Attach Documentation to Application Package
  • Include All Documents in Client eSigning Ceremony and eReview

Application & DOL Documentation

Incorporate BIC, 84-24 Disclosure and Transaction Disclosure into the application package at the time the product is selected or at any time during the sales journey to meet your individual firm-defined process and Dept of Labor requirements. Build rules in the FireLight® Administration System to appropriately generate the BIC and/or 84-24 Disclosure. Leverage the multiple Transaction Disclosure fulfillment options to incorporate the fees, expenses and commission date associated with the transaction. For a streamlined process, incorporate data already captured, sales documentation support and disclosures into the whole application and e-sign package.

  • BIC – Best Interest Contract Exemption
  • PTE 84-24 – Prohibited Transaction Exemption for ERISA Plan or IRA Transactions
  • In Good Order E-Application Submissions
  • Adhere to the Impartial Conduct Standards

Signatures

FireLight® provides built-in e-signature capture options that can be leveraged to execute Needs Determination and disclosure documents through individual sales transactions or bundled into the entire electronic application process. FireLight flexibility allows you to capture e-Signature on the Best Interest Contract individually prior to the execution of the recommended investment or as part of the whole application package. Incorporate e-signature instances that best fit your individual firm's process.

  • No Added Cost for E-Signature

Entire Journey

FireLight® provides the functionality to support financial institutions in meeting their defined DOL Fiduciary Rule strategies including disclosure requirements through a consistent and recordable process. With FireLight, financial institutions can provide their advisors the tools to support the requirements while providing an enhanced sales experience for their clients.

  • Customers Best Interest
  • Complete Disclosure and Access to Fees, Expenses, and Sales Commissions

Back Office

The flexibility of FireLight® delivers financial institutions the ability to implement unique workflows that fit into their sales and DOL strategies. With robust review queue capabilities, continuous workflow audit history and reporting, FireLight provides a consistent, unbiased and recordable process.

  • Suitability and Financial Institution Review Queue
  • Audit Trail
  • Reporting
 
Why

FireLight for DOL

  • One Solution to Support All Qualified and Non-Qualified Product Types
  • Know the Client and Their Needs with a Needs Determination Process
  • Product Filtering Capabilities Based on Needs Determination
  • Built-in E-Signature with Flexible Workflow Capture Options
  • Robust Integration for Data and Sales Process Support
  • Multiple Review Queue Capabilities to Meet Compliance and Financial Institution Oversight
  • Extensive Audit Trail for a Recordable and Defendable Approved Process
  • Multiple Transaction Disclosure Fees, Expense and Commission Fulfillment Options
  • Low Cost of Ownership with Robust Administration System
  • Intuitive Interface for an Adoptable and Seamless Sales Experience
  • Defined Process for an Impartial Conduct Standard and Recordable Compliant Process

Contact us today to learn how you can implement the flexibility and key components of FireLight to assist your firm and your advisors in meeting the DOL Fiduciary Regulations before the full implementation date of January 1, 2018.

Channel Software Solutions for: Carriers | Distributors