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Prophet Business Group

Make “Know Your Client” Compliance Easier with CRM

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Is Know Your Client compliance (KYC) a challenge for you or your financial advisor clients? Would you like to automate the process of gathering information, updating clients and sending reminders? Do you want to turn the KYC process into actionable business intelligence rather than a regulatory burden? If so, you’ll want to look at our solution, involving Dynamics CRM and ClickDimensions.

If you’re not familiar, KYC compliance is an anti-money laundering requirement that involves collecting – and regularly updating – information about the client, their investment knowledge and their objectives. Basically, you need to make sure you’re investing Granny Smith’s retirement savings, not El Chapo’s drug money.

Spend your time smarter

The standard methods of updating this information are to book a call or meeting to confirm the information is still accurate or send out a KYC form to clients. Both options are time consuming and have less than perfect results. That’s why the potential for CRM to automate much of this process is so appealing to financial advisors.

The first way Dynamics CRM can make this process easier is by providing a standard place to store KYC information. (Typically, on the Contact form.)This makes it possible to report on who’s missing information or who hasn’t been updated in a while. It also turns KYC data into actionable information rather than simply a regulatory matter.

Use KYC to generate opportunities

Is there an opportunity you’re seeing in the market that would appeal to your clients with an appetite for risk and over $1M in assets? By storing KYC information in a CRM rather than in a filing cabinet, you can quickly produce a marketing list and reach out to those clients.

It’s a lot of potential, but the real power to make KYC easier lies with automation. For example, the process we build for clients involves automatically sending an email to clients which contains a link to a web-based form. Once that form is filled out by the client, the information is automatically updated on the relevant client file. If, for whatever reason, a client doesn’t open the email or fill out the form, reminders are automatically sent out every few days or weeks until the form is filled out.

You’ll always have a few holdouts or foot-draggers, but the list building functionality means you can have a real-time list of who’s filled out the KYC form and who hasn’t. It means less calling around to clients and faster response times. Finally, it saves you and your staff the time of transcribing paper forms or call notes into your database.

We’ve got the auditors covered

Now, you’re probably wondering about how you show all of this due diligence when the auditors come knocking, right? Well, we’ve got you covered on that front as well. You can track who’s received, clicked on and submitted the KYC forms. You can also, through field-level auditing, show when the last time a KYC field was changed and by who. Best of all, you can do this using simple reports and dump the results to Excel.

If you’re looking for more insights into how CRM can benefit financial advisors, check out Prophet’s blog or subscribe to our newsletter.

- Cody Pierson, Marketing Manager and Marketing Automation Specialist at Prophet Business Group

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