With a December compliance deadline looming, Broadridge Fi360 today announced the availability of an enhanced Decision Optimizer software for financial advisors.
The enhanced software is designed to support advisors with the Department of Labor’s Prohibited Transaction Exemption 2020-02 requirements that take effect December 20, 2021, as well as ongoing IRA rollover and related compliance needs.
The Decision Optimizer tool, first launched in July 2020 in response to Regulation Best Interest, offers a highly customizable, turnkey solution to help financial advisors and home-office clients comply with evolving ERISA plan/IRA transfer regulatory requirements.
Advisors can access PTE 2020-02-specific rollover analysis criteria, plan fee benchmarking data, attestations, and home office surveillance of rollover comparisons, improving workflows to better align with current and future compliance conditions.
Broadridge Fi360 Solutions worked to enhance the tool with ongoing support from the Pension Resource Institute to develop best practice criteria that is easily adaptable as the regulatory environment evolves.
“The enforcement date of December 20, 2021 and associated requirements are creating meaningful challenges for advisors and home offices. Working alongside PRI and our clients, we’re excited to offer a turnkey solution to help drive compliance,” said John Faustino, Head of Broadridge Fi360 Solutions.
“We’re excited to work with Broadridge Fi360 Solutions to deliver services that address the technical and evolving regulatory environment,” added Jason C. Roberts, CEO at Pension Resource Institute and Retirement Law Group. “Broadridge Fi360’s deep knowledge of the fiduciary advisor landscape with 20 plus years’ experience and superior technology resources, combined with our intellectual property and focus on ERISA legal and compliance issues, enables us to bring actionable and scalable solutions to serve our respective clients.”
PTE 2020-02 is intended, the DOL states, to “promote investment advice that is in the best interest of retirement investors” in a way that is more broad and more flexible than previous prohibited transaction exemptions, and that incorporates a “best interest” standard for providing investment advice to retirement plan investors. The exemption conditions emphasize mitigating conflicts of interest and ensuring retirement investors are receiving advice that is prudent and loyal.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
