Janney Montgomery Scott selects Advicent financial planning software as core of DOL fiduciary fix for advisers

Advicent's Naviplan software will broaden advisers' view of client financial picture.
JAN 18, 2017
Janney Montgomery Scott is integrating financial planning software from Advicent as part of its DOL fiduciary rule compliance solution for its 750 advisers. The Philadelphia-based brokerage, which has $70 billion in assets, will integrate the technology firm's Naviplan software to expand the breadth of asset, liability, insurance and other information collected by advisers and considered in comprehensive planning for clients. Advisers increasingly need to initiate more holistic planning with clients as the Department of Labor rule begins to take effect April 10, requiring all retirement advice be provided in clients' best interests, as opposed to the lower suitability standard. The rule, which some conjecture could be delayed or significantly changed by President-elect Donald Trump, is forcing changes in what advisers need to know about clients' whole financial picture and how they record and consider such details in their recommendations. (More: Congressman introducing bill delaying DOL fiduciary rule) "Financial planning is the core element of fiduciary advising," said Martin Schamis, Janney's head of wealth planning. Janney will need to put in place additional tools looking at investment management, plan analytics and other aspects of the planning process to comply with the DOL rule, he said. Advicent's Naviplan software will replace a mix of financial planning tools Janney currently offers from Envestnet's Finance Logix and Cheshire Software. It will also power Janney's retirement income evaluator tool that advisers use with clients and prospects to offer a quick look into someone's retirement preparedness, Mr. Schamis said. He said Janney reviewed 41 financial planning systems, including 21 digital advice platforms, over the past 14 months before it selected Advicent. (More: DOL encourages investors to ask advisers if they are fiduciaries) The new planning technologies will integrate with the account aggregation tools that Janney announced in April that it is using from Quovo. Janney is an independent unit of Penn Mutual Life Insurance Co.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.