In an effort to assist compliance following the recent Department of Labor (DOL) fiduciary rule, analysis company FeeX has created a new tool aimed at saving time for advisers.
The latest fiduciary rule implementation offsets advisers with a demanding set of challenges. Prior to recommending any distribution advice, including a 401(k) rollover or Individual Retirement Account (IRA) transfer, advisers are required to provide a detailed analysis and comparison of fees and features from convoluted documents, as well as lengthy disclosure forms including the 404a5 participant fee disclosure document. With “FeeX for Advisors,” advisers are salvaged from the burden since the tool can automate and streamline compliance procedures itself.
“The FeeX for Advisors platform automates and streamlines compliance processes thereby saving financial advisors valuable time which allows them to focus their efforts where they are truly needed, helping customers,” said Yoav Zurel, CEO of FeeX. “The DOL rule specifically outlines a prudent process to be followed by financial advisors, but the definition of prudent has changed. The process begins with a detailed and accurate analysis of an investor’s current account, which calls for documents that are often times hard to find and even harder to digest and analyze. These documents can be up to 150 pages long and in various formats which can take hours upon hours of reading, analyzing and cross-referencing.”
Additionally, FeeX reports the tool can collect and analyze a 404a5 participant fee disclosure document to run a comprehensive analysis on an investor’s account, an action that would take a typical veteran adviser days to complete. “FeeX for Advisers” offers side-by-side comparison of fees, features, past returns, and asset allocation alongside a model portfolio, and may also be white labeled and arranged in a shorter amount of time.
More information can be found here.