Two new products to help advisors prepare for the DOL fiduciary rule debuted last week.
AssetMark, which provides investment, relationship and practice management solutions for advisors, introduced its DOL assessment tool that evaluates advisor’s compensation structure and compliance readiness for the new rule through a series of strategic questions.
The questions are divided into three sections: understanding of the new rule, advisors’ business structure and compensation – total assets, types of accounts, and commission and noncommission products – and their plans for compliance and documentation.
After answering the questions, advisors’ readiness will be rated for each section as not prepared, somewhat prepared and well prepared. The asssessment tool is a component of AssetMark’s DOL Readiness Campaign.
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To comply with the new rule Fi360 launched its Fiduciary Focus Toolkit software, which enables advisors to automate workflows and oversee fiduciary best practices.
The toolkit automates and centralizes investment policy statements, account planning, monitoring and documentation to align with fiduciary best practices. Its scalability has the potential for advisors and support staff to manage more business without adding additional staff, according to Fi360. The company recently launched an online training program Fiduciary Essentials for Advisors, developed in partnership with attorney Fred Reisch, of Drinker Biddle.
Vestmark Unveils Robo-Advice Platform
Vestmark announced its VestmarkONE Robo Solution, which will now be available as a turnkey offering for broker-dealers, registered investment advisors, asset managers, banks and bank trust departments. The VestmarkONE Robo Solution allows for a blend of human and automated advice delivery.
Envestnet | Tamarac Now Offers Goals-Based Reporting
Envestnet | Tamarac rolled out a two-way integration with MoneyGuidePro, according to a recent announcement. The integration allows advisors and their clients to utilize MoneyGuidePro’s goals-based reporting through Envestnet’s Advisor View application and its client portal.