With the rollout of Regulation Best Interest (or “Reg BI”), it may feel overwhelming navigating through all of the new requirements. As with any situation that involves compliance or auditing, it’s always best to have a process in place. Knowing where to start and what is available to assist in tracking information is always a tricky part of such processes. Redtail has some general recommendations involving new and existing CRM tools for storing your client communication regarding Reg BI. A video on this topic is available here.
- Start with adding an Activity/Note Category. Some examples include: “RegBI”, “CRS Form Sent”, or “CRS Form Signed". It's important to think about the different situations that must be handled and designate an Activity/Note Category that will be utilized when the CRS form is sent/ signed.
- Have you made a recommendation that requires a new CRS form be sent & signed? Add a note to the contact record and utilize the applicable category for the note! Remember: Notes automatically date and time stamp when the note is saved!
Video: Redtail Essentials: Notes
- If someone else has the job responsibility of sending out the forms and/or indicating when it has been signed, then set up an activity! As always, remember to complete the activity when it has been finished as this completion will then save as a note.
- To ensure consistent note entry, consider adding one or more Note Templates. Some example Note Templates include: “RegBI: Phone Call Recommendation”, “RegBI: In-Person Recommendation”, “Form Sent – CRS” or “Form Signed – CRS”.
- Similarly, if that task is consistently assigned and completed by someone else in the office, create an Activity Template!
- Consider adding a task to existing workflows that states, “Send/ Sign CRS Form”. Some workflow situations to consider for this addition: “Onboarding”, “Account Opening”, or “Client Review Meeting”.
Video: Workflow Series
You can create several New Tasks revolving around Reg BI. Some Examples:
- Reporting on the notes is possible via the Notes By Contact report. The filters can show results based on specific note categories or note text, as well as a note date range.
8. Track when a CRS Form has been sent, signed, or both via the Best Interest Dates section within an account.
9. Utilize the Client Summary Fiduciary Report which will include the CRS Sent and CRS Signed fields.