New solutions enable advisers to make best interest product and rollover recommendations, digitally documenting and disclosing their analysis.
Compliance teams easily prepare for the DOL’s retrospective review with dashboard functionality.
New York City, NY – July 17, 2023 – Today, COMPLY™ and InvestorCOM announcements shared that the two leading compliance software providers to the wealth management industry have an expanded partnership which will enable wealth firms and advisers to more efficiently and effectively comply with the Securities and Exchange Commission’s (SEC) best interest requirements to assess costs and reasonably available alternatives when providing investment recommendations to retail investors. Additionally, the partnership will expand upon the existing RolloverAnalyzer solution to enable firms to meet the Department of Labor’s (DOL) retrospective review requirement, which recently went into effect.
The partnership provides brokers and investment advisers with easier access to InvestorCOM PeerCompare™, an intuitive application for advisers to make best interest recommendations by comparing investment selections across cost, risk and return. The cloud-based application natively captures a copy of the recommendation and best interest rationale, which can then be digitally disclosed to the investor, supporting compliance and investor engagement.
“Recent polls show that three quarters of advisers rely on manual processes to meet the SEC’s best interest requirement to compare costs and reasonably available alternatives”, said Parham Nasseri, Vice President of Product and Regulatory Strategy at InvestorCOM. “We’re delighted to collaborate with COMPLY to bring our proven technology offering to more firms, giving advisers an intuitive, digital way to meet their regulatory obligations efficiently and painlessly.”
To learn more about PeerCompare, watch this video.
One year ago, COMPLY and InvestorCOM partnered to offer InvestorCOM’s RolloverAnalyzer technology to RIAs, giving rise to more than 900 advisers implementing the InvestorCOM solution to make best interest rollover recommendations, including the documentation and disclosure of their analysis to clients.
This summer, a dashboard for RolloverAnalyzer will be available, allowing compliance teams to monitor rollover volumes, drill into adviser rollover data and identify issues to self-correct before they become problematic. Data can be easily exported for inclusion in regulatory reports. This new functionality is especially important given the recent effective date for retrospective reviews, a Department of Labor PTE 2020-02 regulatory requirement.
“Many investment advisers remain highly uncertain about how to meet the DOL’s PTE 2020-02 retrospective review requirement, and at best, they are addressing it through a manual process,” said Mike Lubanksy, COMPLY Senior Vice President, Product. “By leveraging technology, our clients not only meet the requirements of the DOL effectively but also gain the ability to anticipate trends and proactively mitigate risks before they escalate.”
On August 9, 2023, at 2:00 pm Eastern, COMPLY and InvestorCOM will discuss the SEC’s requirements and InvestorCOM’s PeerCompare and RolloverAnalyzer dashboard technology.
About COMPLY
As a global market leader in regulatory compliance solutions, COMPLY combines the power of regulatory technology, services and education to empower Chief Compliance Officers (CCOs) and compliance professionals to easily navigate the regulatory landscape. COMPLY enables firms to scale their growth, while remaining vigilant in their compliance efforts, by providing solutions designed to manage the burden of complex compliance tasks. Our deep bench of industry expertise – which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes from our product portfolio offerings ComplySci, RIA in a Box and NRS — supports more than 7,000 clients, including private equity firms, hedge funds, broker-dealers, registered investment advisers and other financial service sector participants.
COMPLY continually supports clients in their work to proactively address core compliance challenges – minimizing risk, addressing critical priorities and meeting new demands as the industry evolves and the firm scales.
About InvestorCOM Inc.
Since 1992, InvestorCOM has been providing regulatory compliance software and communications solutions to wealth and asset managers. Our high-value, intuitive solutions eliminate compliance risk for our clients and foster better financial decisions. For more information, visit InvestorCOM.com, email info@investorcom.com or call 800-361-9494.
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For more information:
| Joseph Kuo/Donald Cutler
Haven Tower Group 424-317-4851 or 424-317-4864 jkuo@haventower.com or dcutler@haventower.com
|
Karen Makedon
VP, Marketing InvestorCOM Inc. Tel: 800-361-9494 Email: media@investorcom.com
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