Accenture has launched a new cloud-based platform to help wealth management firms comply with the U.S. Department of Labor’s fiduciary ruling, which will be effective April 2017.

The new platform, known as Accenture Wealth Management Compliance Solution for Salesforce, is supported by Accenture’s Wealth Management practice and designed to work with Salesforce’s Financial Services Cloud.

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It will offer a range of capabilities, including guided product recommendations, client onboarding by allowing advisors to capture client data and structured recommendation tracking.

The solution, which can be customized to customers’ specific needs, will also offer other benefits such as automated process to determine the need of Best Interest Contract.

Accenture said that the Best Interest Contract is part of an exemption to the fiduciary rule to ensure that advisors are operating in their clients’ best interests when investing their retirement funds.

Accenture Wealth Management Services North American Lead Kendra Thompson said: “Accenture’s latest cloud- enabled Salesforce-based solution is intended to give wealth managers some peace of mind as they scramble to understand and comply with the DOL rule.

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“In reality, advisors only have a few months left to choose, implement, test and deploy a solution. Given the short time frame and magnitude of the changes, most firms will need to begin executing their readiness plans immediately across every area of their business. Above all, the planned changes must be communicated effectively to both advisors and clients.”

Salesforce financial services general manager Rohit Mahna said: "Regulatory changes in the financial services industry are pushing financial professionals to transform the way they communicate with clients and manage their investments.

"Accenture's new solution is helping advisors to comply with the DOL's Fiduciary Rule by ensuring the client is at the center of every decision."