Envestnet’s new tools to aid compliance with DOL rule

Envestnet, the Chicago-based technology firm, is seizing the opportunity to help broker-dealers prepare for compliance with the DOL fiduciary rule, which becomes effective next April.

Envestnet, Inc., the investment platform provider, said it has introduced “comprehensive Fiduciary Rule compliance solutions and consulting services: to help advisors and enterprises comply with the Department of Labor’s (DOL) Fiduciary Rule, which goes into effect next April. 

The solutions include:

Best Interest assessment. To give advisors a ‘comprehensive understanding of a client’s financial situation and objectives’ and accelerate the on-boarding process, Envestnet will provide “integrated client-permissioned account aggregation.’ The solutions integrate with the leading financial planning providers.

Product shelf development. To help advisors develop compliant investment portfolios and programs, Investment consultants from Envestnet | PMC will provide chief investment officer (CIO) support and investment consulting services.

Account documents and disclosures.  Envestnet’s new-account and proposal technology will help firms to meet new requirements for account documentation and disclosures by providing: 

  • Best Interest Contract provisions and disclosures
  • Investment product and program expense analysis
  • Fee rationalization illustrations
  • New account documentation and retention

Enterprise Business Intelligence Solutions. Envestnet’s Vantage enterprise-level data aggregation solutions, along with the Envestnet Intelligence platform, will make all of the firm’s investment products easily visible. “This visibility is critical to help bring legacy assets into compliance with the fiduciary rule as well as provide ongoing monitoring and surveillance,” the release said.

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