Riskalyze Introduces Best Interest Proposal Assessment

The firm says it will provide advisers with the documentation they need to prove they are following regulations, including new rules with client rollovers.

Riskalyze has introduced the Best Interest Proposal Assessment (BIPA), which it says will equip compliance teams and advisers with the documentation they need to prove they are following upcoming best interest regulations.

The firm says BIPA will help advisers with the Securities and Exchange Commission (SEC)’s Regulation Best Interest (Reg BI), as well as the Department of Labor (DOL)’s changes to the fiduciary rule for client rollovers.

“We’ve always believed that it’s not enough for advisers to merely act in the best interests of clients; they have to be able to prove it,” Aaron Klein, CEO of Riskalyze, tells PLANADVISER. “BIPA is a big advantage for the home office teams doing that work across our profession.” He adds that its quantitative assessment ability is particularly helpful.

BIPA was built to help advisers propose portfolios that best match their clients’ needs, document the source of funds and, if necessary, complete a rollover assessment. This assessment allows clients and advisers to document the specifics on qualified account rollovers for 401(k)s, 403(b)s and more.

By using BIPA, advisers can archive proposals and rollover assessments and deliver those results in PDF or printed reports.

“The launch of our Best Interest Proposal Assessment and expanded Reg BI tools allow advisers and enterprise home offices to not only meet these regulatory obligations but set a new precedent for client expectations,” adds Patrick Hannon, vice president of enterprise solutions at Riskalyze. Riskalyze’s BIPA is available for eligible Enterprise customers. To learn more, visit the firm’s website or email enterprise@riskalyze.com.