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We're thrilled to announce the addition of the Best Interest Proposal Assessment to equip compliance teams and advisors with the documentation needed to prove best interest for client rollovers. Read the full announcement below!
To assist broker/dealers with the Regulation Best Interest Rule (Reg BI), the industry's premier proposal solution now includes a critical rollover assessment.
AUBURN, CALIFORNIA — June 30, 2021—Riskalyze, the company that invented the Risk Number®, serving tens of thousands of financial advisors, announced today the addition of the Best Interest Proposal Assessment (BIPA) which will equip compliance teams and advisors with the documentation needed to prove best interest for client rollovers as financial advisors prepare for upcoming regulations.
With more compliance standards and requirements coming from the U.S. Department of Labor and Securities and Exchange Commission, BIPA was built to help advisors propose portfolios that best match their clients’ needs, document the source of funds, and, if necessary, complete a rollover assessment. This assessment — which can be enabled on Riskalyze Enterprise Select or Riskalyze Enterprise Elite customer accounts — allows clients and advisors to document the specifics on qualified account rollovers for 401(k)s, 403(b)s and more.
“At Riskalyze, we believe that an effective proposal process can do even more than drive growth and set the right expectations with investors; it can document and prove that advisors are acting in the best interest of clients, ” said Aaron Klein, CEO at Riskalyze. “BIPA is a big advantage for the home office teams doing that work across our profession.”
By using BIPA, advisors can archive proposals and rollover assessments and deliver those results in PDF or printed reports.
“The launch of our Best Interest Proposal Assessment and expanded Reg BI tools allow advisors and enterprise home offices to not only meet these regulatory obligations but set a new precedent for client expectations,” said Patrick Hannon, VP Enterprise Solutions at Riskalyze.
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Riskalyze is the company that invented the Risk Number®, which powers the world's first Risk Alignment Platform and was built on top of a Nobel Prize-winning academic framework. Advisors, broker-dealers, RIAs and asset managers use the Riskalyze platform to create alignment between clients and portfolios, leverage sophisticated analytics to increase the quality of their advice, automate trading and client account management, and access world-class models and research in the Riskalyze Partner Store — all with the mission of empowering the world to invest fearlessly. To learn more, visit www.riskalyze.com.
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