Ahead of DOL IRA Rollover Requirements, Broadridge Fi360 Offers Enhanced Solution
Broadridge Fi360 Solutions has enhanced its Decision Optimizer software to assist financial advisors in complying with the Department of Labor's Prohibited Transaction Exemption PTE 2020-02, effective December 20, 2021. The upgraded tool, originally launched in July 2020, provides specific rollover analysis, fee benchmarking, and compliance support tailored for evolving regulations. Collaborating with the Pension Resource Institute, Broadridge aims to simplify fiduciary processes for advisors, addressing challenges introduced by new compliance requirements while leveraging over 20 years of experience in fiduciary advisory.
- Enhanced Decision Optimizer software supports compliance with the upcoming PTE 2020-02 regulation.
- Collaboration with Pension Resource Institute brings additional expertise for developing best practices.
- None.
NEW YORK, Sept. 8, 2021 /PRNewswire/ -- To support wealth and retirement professionals as they address new requirements associated with the Department of Labor's Prohibited Transaction Exemption 2020-02 (PTE 2020-02), Broadridge Fi360 Solutions announced an enhanced Decision Optimizer software for financial advisors. The enhanced capability supports advisors with PTE 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 thrilled to bring PRI's expertise to our client base and to continue helping advisors simplify and implement fiduciary processes."
"We're excited to work with Broadridge Fi360 Solutions to deliver services that address the technical and evolving regulatory environment," said Jason C. Roberts, Chief Executive Officer 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."
About Broadridge Fi360 Solutions
Broadridge Fi360 Solutions provides fiduciary education, training and technology to help financial intermediaries use prudent fiduciary practices to profitably gather, grow and protect investors' assets. Since 1999, the firm has provided financial professionals with the tools necessary to act as a fiduciary in their work with investors. Headquartered in Pittsburgh, PA, Broadridge Fi360 Solutions is the home of the Accredited Investment Fiduciary® (AIF®) Designation, the Fiduciary Focus Toolkit™, CEFEX and the Fi360 Fiduciary Score®. Fi360 was acquired by Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, in 2019. Learn more at www.Fi360.com.
Media Contacts:
Matthew Luongo
Prosek Partners
+1 646.818.9279
mluongo@prosek.com
Linda Namias
Broadridge Financial Solutions
+1 631.254.7711
Linda.Namias@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.
