Castle Rock’s AXIS platform supports account identification, data aggregation, automated disclosure and benchmarking through one web-based solution for financial advisers (see “Analytics Platform Ready for 408(b)(2)”). Through AXIS, AIG Advisor Group hopes to improve its efficiency in complying with 408(b)(2) fee disclosure regulations across its four affiliated broker/dealers—including FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services.
The AXIS data aggregation engine will enable these AIG firms to unify all retirement plan-related data on a single reporting platform, while the benchmarking module enables AIG advisers to compare plans across a large universe of providers and peers. With the implementation of the AXIS platform, plan sponsor clients will also experience improved efficiencies with their ongoing daily tasks of monitoring and reporting on plan fees, according to the firms.
Allison Couch, national sales manager for AIG Advisor Group, says the AXIS platform enables her firm to “automate what had been a labor intensive process so that our advisers can focus on their core business of managing client relationships. In addition, we can now provide web-based benchmarking reports that will help our advisers determine how to best compete on services and fees.”
Matthew Schlueter, chief administrative officer for AIG Advisor Group, says Castle Rock was chosen because the firm has previously established relationships with key recordkeepers, allowing AIG advisers to report on 98% of client plans upon the implementation of AXIS.
“The platform implementation has been smooth and on time, giving us a foundation to support our existing retirement plan business, grow new retirement plan relationships and ensure our advisers maintain compliance with 408(b)(2),” Schlueter adds.
Khash Sarrafi, CEO of Castle Rock Innovations, says “AIG Advisor Group is a good example of why we developed AXIS. They wanted to improve their compliance efficiency, but at the same time wanted to guarantee the unique identities of their affiliated broker/dealers. Our platform was developed in a way to provide customization if needed. As such, we were able to tailor AXIS exactly how they required it and we are mutually happy with the result.”