Riskalyze has added new functionality and workflows as upgrades to its Riskalyze Select and Elite products to help advisors and wealth management firms comply with the Securities and Exchange Commission’s Regulation Best Interest, part of the agency’s four-pronged advice standards package.
Aaron Klein, Riskalyze’s CEO, said in a statement Monday that while the “vast majority” of advisors and wealth managers that Riskalyze serves are already compliant with most of Reg BI, “their use of Riskalyze puts them on third base when it comes to complying with the toughest part of the rule — the standard of care.”
Riskalyze explains that the new functionality gives advisors the ability to assess client risk tolerance, build a proposal through a proprietary Reg BI-compliant workflow, attach and document the delivery of the Customer Relationship Summary, or Form CRS, with those proposals, implement them via Trading Automation, and give home offices visibility into the process with a configurable enterprise dashboard.
According to the firm, the new enhancements aid wealth managers’ compliance with the advice-standards package by offering: