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DOL Rule to Spark More Tech Spending

By NTSA Net Staff • June 22, 2016 • 0 Comments
A strong majority of attendees at a recent conference for executives, investment professionals and registered investment advisors expect that changes to their technological systems will be necessary in order to comply with the Department of Labor’s fiduciary rule. An even greater majority expect that they will need to adjust their budgets to do that.

SS&C Technologies, which provides services and software for the financial services industry, found in a survey at the Pershing INSITE Conference held in Orlando, Fla., that nearly 80% of respondents expect that they will have to make changes in technology, policies and procedures in order to comply with the rule. Of them, approximately 42% expect minor changes, and 38% anticipate substantial changes. Just 18% do not expect to have to make any.

Even more expect to devote more of their budgets to adopting that technology, to the tune of 85%. One-third think their allocations will amount to 10%-25% of their budgets.

What technologies will they be acquiring or enhancing? Those that handle:

  • document management/client portals (18%);

  • billing/fee scheduling and disclaimer support (14%);

  • portfolio management and reporting (14%);

  • financial planning (13%);

  • risk (12%);

  • proposal generation (10%); and

  • portfolio Analytics (9%).

And the providers may expect to adopt new technologies or adapt what they already have, but most think the rule will not change the client base those technologies will help them to serve. Just under 80% anticipate that the rule will have a minor effect, if any, on their client population.

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