Compliance May 18, 2012

DOL Notes a Change to Recent Fee Disclosure Guidance

The Department of Labor’s Employee Benefits Security Administration made a technical correction to the recently released Field Assistance Bulletin No. 2012-02.
Reported by

The guidance contains frequently asked questions and answers about the department’s participant-level fee disclosure regulations. (See “DOL Issues Additional Guidance for Participant Fee Disclosures.”) A sentence in the answer to Question 19 concerning quarterly website updates to “average annual total return” information inadvertently referred to the most recently completed calendar “year” rather than the most recently completed calendar “quarter,” the DOL said.   

The department corrected this error to accurately restate the requirements of the regulation. The word “calendar” also was removed from the phrase “… 10-calendar year periods …” in the same sentence.   

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The bulletin is available here.

Products May 17, 2012

Envestnet/Tamarac Is Selected Participant in Schwab Intelligent Integration

 

Tamarac, a division of Envestnet Inc., will participate in Schwab Intelligent Integration, according to Schwab Advisor Services.

 

 

Reported by

The integration, part of the initiative to integrate with platforms that serve independent investment advisers, will allow for real-time custody data from Schwab Advisor Services to be available within the Tamarac Xi Web-based platforms, Advisor CRM and Advisor View.

“This marks another important milestone in our effort to work with platforms to provide high-quality integrations that have a meaningful impact on the work that independent investment advisers do,” said Neesha Hathi, vice president of technology solutions for Schwab Advisor Services. 

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According to Stuart DePina, group president of Envestnet/Tamarac, the integration of Tamarac Advisor CRM and the company’s performance reporting, portal and billing application with Schwab Intelligent Integration is “a perfect complement” of customer and portfolio management, and custodial technologies. “Advisers using the solution will see dramatic gains in their ability to service their clients and scale their businesses more profitably,” he said.

As part of its platform, Tamarac employs a customized version of Microsoft Dynamics CRM, and will be the second provider using this program to become part of Schwab Intelligent Integration. The first, Salentica, is currently in beta and is expected to enter a pilot program this summer.

Schwab announced general availability of twoother integrations with leading CRM providers in February.

More information is available at Envestnet and at Envestnet/Tamarac. 

 

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