Products September 28, 2016

Morningstar Releases App for Advisers

The free app will allow advisers to tap into clients’ overall asset allocation, return, risk and market value across accounts in real time.
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Morningstar Research has released the Morningstar for Advisers App, which can sync to client accounts and portfolios while providing access to investment information from the Morningstar Advisor Workstation. 

The free app will allow advisers to monitor, display and analyze client holdings in real time.

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“Industry trends, including advancing technology and an ever-changing regulatory environment, are driving a fundamental shift in the way advisers interact with their clients,” says Scott Mackenzie, president and CEO for Morningstar Research. “In particular, as a result of the CRM2 implementation in mid-July 2016, the spotlight on investment fees means that advisers must be able to demonstrate their value in terms that their clients can easily understand. Advisers who can do this, leveraging interactive tools like the Morningstar for Advisors iPad app, are going to have a significant advantage.”

The app will allow advisers to view an aggregate summary of a client’s overall asset allocation, return, risk and market value across accounts. Advisers can also download and view previously generated client summary and portfolio reports.

In addition, the Morningstar Portfolio X-Ray tool will provide detailed data on the allocation and sector breakdown of the holdings in the portfolio.

To download the free app via iTunes, click here.

Products September 28, 2016

IRI to Launches Training Program to Support DOL Rule Compliance

The program was designed with the support of more than 800 industry professionals, IRI says.
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The Insured Retirement Institute (IRI) is set to launch a series of training programs designed to educate financial professionals and home office personnel about the Department of Labor (DOL)’s new fiduciary rule. 

IRI will be leading the training initiative in collaboration with RegEd, a provider of compliance solutions. 

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“Training will be one of most critical parts of implementing the DOL’s fiduciary rule, which is the most massive regulatory change to impact the industry in decades,” says Cathy Weatherford, IRI president and CEO. “Our industry-leading training, which has been developed with the support of more than 800 industry professionals who are participating on our implementation task force, will help support our members and financial advisers who must prepare to implement the rule and operate under these new requirements. We are proud to be able to support financial professionals and home office personnel through this process by providing them with clear, streamlined and digestible training.”

The program will examine the DOL rule at each stage of the investment transaction lifecycle, providing valuable insights to financial advisers, call center personnel, branch managers, back-office operations professionals and compliance officers, among others. The training is designed to be applicable to all investment products, including annuities and mutual funds.

The first course in IRI’s series of training modules will provide an overview of the DOL rule and the Best Interest Contract (BIC) Exemption; explain what it means to be an ERISA fiduciary under the rule; explore how the rule will impact adviser compensation and advisers’ existing client relationships; and describe the new regulatory landscape for level-fee advisers, rollover recommendations and proprietary products. Additional modules will be coming soon, including a two-part course on implementation of the rule’s best interest standard and a course focused on the responsibilities of broker-dealer and insurer home office personnel.

For more information on IRI’s training initiative, contact Eric Clements with RegEd at eric.clements@reged.com.

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