Broadridge Fi360 Offers Enhanced Solution Ahead of DOL IRA Rollover Requirements

The Decision Optimizer tool offers a customizable, turnkey solution to help financial advisers and home-office clients comply with evolving ERISA plan/IRA transfer regulatory requirements.

To support wealth and retirement professionals as they address new requirements associated with the Department of Labor (DOL)’s Prohibited Transaction Exemption (PTE) 2020-02, Broadridge Fi360 Solutions has announced it is rolling out a Decision Optimizer software for financial advisers.

The capability supports advisers with PTE 2020-02 requirements that take effect December 20, as well as ongoing individual retirement account (IRA) rollover and related compliance needs. The PTE allows advisers to provide guidance and collect compensation in more situations than they otherwise could have without the exemption.

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The Decision Optimizer tool, first launched in July 2020 in response to Regulation Best Interest (Reg BI), offers a customizable, turnkey solution to help financial advisers and home-office clients comply with evolving Employee Retirement Income Security Act (ERISA) plan/IRA transfer regulatory requirements. Advisers can access PTE 2020-02-specific rollover analysis criteria, plan fee benchmarking data, attestations and home office surveillance of rollover comparisons, improving workflows to align with current and future compliance conditions.

Broadridge Fi360 Solutions says it worked to enhance the tool with ongoing support from the Pension Resource Institute (PRI) to develop best practice criteria that is easily adaptable as the regulatory environment evolves.

“The enforcement date of December 20, 2021, and associated requirements are creating meaningful challenges for advisers and home offices. Working alongside PRI and our clients, we’re excited to offer a turnkey solution to help drive compliance,” says John Faustino, head of Broadridge Fi360 Solutions. “We’re thrilled to bring PRI’s expertise to our client base and to continue helping advisers simplify and implement fiduciary processes.”

“We’re excited to work with Broadridge Fi360 Solutions to deliver services that address the technical and evolving regulatory environment,” says Jason C. Roberts, CEO at Pension Resource Institute and Retirement Law Group. “Broadridge Fi360’s deep knowledge of the fiduciary adviser landscape with 20 plus years’ experience and superior technology resources, combined with our intellectual property and focus on ERISA legal and compliance issues, enables us to bring actionable and scalable solutions to serve our respective clients.”