The new Fiduciary Focus Toolkit from fi360 enables financial professionals to automate adviser workflow and improve oversight of fiduciary best practices.
With the emergence of the new Department of Labor (DOL) fiduciary rule, advisers and broker/dealers face novel challenges when creating investment policy statements and archiving the documentation required to meet the strict fiduciary standard.
To overcome these challenges, fi360 says its new Fiduciary Focus Toolkit “allows the home office to guide advisers as they adopt and create investment policy statements, investment watch-list criteria, client monitoring reports and other essential fiduciary-related activities.” According to the firm, the toolkit “accelerates compliance with the DOL rule by ensuring the monitoring and documentation of client accounts aligns with fiduciary best practices. Because these practices are built into the software, advisers can scale their businesses upon a fiduciary framework they can fully control and monitor.”
Because the software allows broker/dealers to centralize their oversight of investment policy statements and watch-list management, home offices can be more confident that advisers are using prudent processes and reducing their organization’s liability related to fiduciary obligations.
“Finalization of the DOL rule has shined a brighter light on fiduciary-related tools and support, making it the perfect time to launch the Fiduciary Focus Toolkit,” says John Faustino, chief product and strategy officer at fi360.
More information about the Fiduciary Focus Toolkit is available online here. The firm also recently announced formal fiduciary training that helps bring advisers and broker/dealer professionals up to speed about the landmark DOL rule change.