The new offering provides a “zero touch” solution that integrates the two firms’ mutual products and services, such as the fi360 Toolkit for Advisors and Castle Rock’s AXIS Retirement Analytics Platform.
“Both fi360 and Castle Rock have numerous products and services that cater to the retirement industry, many of which are complementary,” explains Blaine Aikin, CEO of fi360. He says the partnership between the two firms will ensure fi360’s adviser tools complement Castle Rock’s data solutions.
The solution allows home office staff and advisers to view their respective books of retirement plan business without having to move data entries into multiple systems. Within the solution, clients can review and report on their consolidated data sets, prepare plan benchmark reports, and create 408(b)(2) fee disclosures from a common framework. Individual advisers can use the solution to evaluate and monitor the investments in their plans using the fi360 Fiduciary Score, or other homegrown due diligence processes.
“We’re excited to see this collaborative effort come to fruition,” adds Khash Sarrafi, CEO of Castle Rock. He explains that the joint venture is built on the legacies of fi360 as an adviser software provider, and Castle Rock as a plan data aggregator and disclosure services provider.
Sarrafi says the fully-automated, technology-driven collaboration should allow clients to focus on managing and marketing their respective services and growing their book of business.