Envestnet Inc. has introduced a suite of new technology solutions and consulting services designed to help retirement-focused advisers respond to regulatory changes and other market forces that are converging to transform the wealth management industry.
James Patrick, executive vice president and head of adviser services at Envestnet, predicts the new Department of Labor (DOL) fiduciary rule requirements, in particular, will remain a top priority for years to come.
Aimed at helping advisers and their supervising firms ensure efficient compliance, the new solutions from Envestnet include a “best interest assessment” tool built around “integrated client-permissioned account aggregation to support knowing your client and accelerating the on-boarding process.”
The solution also features “product shelf development,” through which investment consultants from Envestnet PMC provide chief investment officer support and investment consulting services to enterprises and advisers, focused on developing fully compliant investment portfolios and programs.
Other features “will enable firms to meet the fiduciary rule requirements for account documentation and disclosures.” These enhancements include best interest contract provisions and disclosures; investment product and program expense analysis; fee rationalization illustrations; and new account documentation and retention.
Additional resources and information about Envestnet’s DOL Solutions is available at www.envestnet.com/DOL.
In rolling out its solutions, Envestnet joins a chorus of other firms bringing new offerings to market in direct response to the DOL fiduciary rule. Other recent movers include the Insured Retirement Institute, Paychex, PCS, LIMRA/LOMA, and Vestwell, among others.