Investment Product and Service Launches

Schwab introduces tools for workers with student loan debt; CapIntel launches proposal builder for SEC Marketing Rule compliance; Penny Finance adds automated money insight; and more.


Schwab Offers New Tools to Help Workers Manage Student Loan Debt

Schwab Retirement Plan Services announced new student loan resources available to 401(k) plan participants through an agreement with Vault, a student loan and education benefits platform incorporated as Student Loan Benefits Inc.

Vault Advisor is a digital platform that lets employees view and aggregate student loan information. They can access education to help them evaluate different strategies for lowering monthly payments, paying off loans faster and refinancing loans.

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“With student loan payments set to resume in October, we know the topic is top of mind for many workers, and we’re excited to add Vault Advisor to our suite of financial wellness resources,” Adrian Miguel, director, advice, Schwab Retirement Plan Services, said in a statement. 

Title corrected for Adrian Miguel.

Schwab Introduces Differentiated Experiences to Support High-Net-Worth Investors

Charles Schwab & Co. Inc., announced the launch of branded and differentiated client experiences for high-net-worth and ultra-high-net-worth clients.

Retail clients with more than $1 million in assets at Schwab will be automatically enrolled in Schwab Private Client Services, and clients with more than $10 million will be enrolled in Schwab Private Wealth Services. Both programs provide a complimentary suite of benefits such as pricing advantages and other rewards.

“These new experiences reflect our commitment to deliver meaningful differentiation for the growing number of wealthy clients we serve,” said Jonathan Craig, managing director and head of investor services at Charles Schwab.

CapIntel Launches Proposal Builder for Compliance With SEC Marketing Rule

CapIntel Inc. announced the launch of a proposal builder allowing financial advisers to create investment presentations that comply with the SEC’s Marketing Rule.

“CapIntel’s customers and partners can rest assured that tailored proposals deliver knowledge and perspectives while staying within the parameters of regulatory requirements,” James Rockwood, founder and CEO of CapIntel, said in a statement.

CapIntel’s proposal generation builder includes a range of controls to assist registered investment advisers in meeting the key requirements outlined in the Marketing Rule. CapIntel’s functionality also allows RIAs to “hardwire” necessary disclosures into presentations, ensuring that financial professionals include required information when creating proposals. 

Penny Finance Adds Automated Money Insight to Financial Mentorship Platform for Women

Penny Finance, an online financial mentorship platform for women, announced the launch of automated account integration with Plaid Inc., allowing for improved money insights.

Penny’s new feature enables women to link their bank accounts, and receive regular, personalized financial reporting delivered to their email inbox.

Managing your finances should be easy,” Crissi Cole, CEO and founder of Penny Finance, said in a statement. “You shouldn’t have to dig through statements, read a finance book, or ask your dad how to manage your money. We are so excited to take the guesswork out of managing your money for the most high-potential group of investors out there: women.”

Morgan Stanley at Work Launches Deferred Compensation Technology Solutions

Morgan Stanley at Work now offers deferred compensation technology solutions to support plan sponsors and participants, from recordkeeping, to digital enrollment, plan management and reporting.

The firm has made technology enhancements to its stock plan platforms, Equity Edge Online and Shareworks. For both EEO and Shareworks, Morgan Stanley financial advisers now have increased visibility to access stock plan details when private company participants engage an adviser.

 “These latest updates help us continue to drive deeper automation—knowing this helps businesses and their participants achieve even more,” Mark Mitchell, chief product officer of Morgan Stanley at Work, said in a statement.

IAA: SEC Marketing Rule Still Top Concern for Compliance Teams

Investment advisories rank the marketing rule as the ‘hottest’ topic for the third year in a row, followed by cybersecurity and electronic communications monitoring.


The Securities and Exchange Commission’s marketing rule continues to dominate conversation among investment advisory firms, according to this year’s Investment Management Compliance Testing Survey conducted by the Investment Adviser Association.

This is the third year in a row that the rule regulating how advisers present clients with investment advice and offerings has ranked as the “hottest” area for compliance divisions, according to the IAA. The SEC started enforcing the new marketing rule in November 2022 and, as recently as June, issued a risk alert on how regulators will be reviewing compliance exams regarding the rule.

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“The persistent dominance of the SEC’s Marketing Rule as the primary worry for investment adviser compliance officers underscores the critical need for proactive adaptation,” Carlo di Florio, global advisory leader at the ACA Group, which partners with IAA on the report, said in a statement.

The survey, which is in its 18th year, gathered responses from 581 adviser firm compliance divisions, more than half (58%) of which said they also work in other areas of the business.

The SEC marketing rule has been a focus area for advisories, because it seeks to ensure that any communication mentioning investment performance directed to one or more persons is an advertisement subject to the Investment Advisers Act of 1940. This increased scrutiny has meant more resources being put toward marketing materials and presentations, even spurring knock-on offerings from third parties. On Wednesday, financial technology firm CapIntel released a “proposal generation builder” that creates investment presentations that comply with the rule.

Besides the marketing rule, investment advisers listed cybersecurity as the second hottest topic at 52% of respondents, followed by electronic communications surveillance at 35%. Monitoring and storing electronic communications for a defined period is another key area for the SEC. Last year, the regulator charged 16 Wall Street firms with failing to preserve electronic communications for the designated time period.

“The close contenders, cybersecurity and electronic communications, demand proactive measures to safeguard client data and maintain regulatory compliance,” di Florio said. “Only through proactive efforts can advisers thrive amidst these pressing challenges.”

Respondents also noted that SEC exams directed at their firms have tended to focus on the highest three areas of concern. When asked about the top areas of increased SEC testing, advisers responded with: advertising (69%), cybersecurity (65%), electronic communications (57%), vendor due diligence (44%) and ESG (40%).

“These top areas are in line with SEC rulemaking and enforcement focus areas reflecting a proactive industry, a continuing trend over the last several years,” the IAA wrote in the report. “Also, the majority of respondents did not decrease testing in any area, other than decreased COVID-19-related testing.”

Other findings from the report included:

  • 49% of advisers are working in an office at the same levels they were pre-COVID;

  • 58% of respondents are either undergoing an SEC exam or have been examined in the past five years; and

  • 64% of investment advisers have conducted or intend to conduct mock SEC exams, while 82% reported that mock exams have helped them prepare for an actual SEC exam.

The IAA partners with compliance consultants ACA Group and Yuter Compliance Consulting on the annual survey.

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