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Products September 19, 2016
IFS Releases Toolkit to Help Advisers With Fiduciary Rule
'The DOL Advisor Toolkit' provides tools that will guarantee advisers act in compliance with the new fiduciary rule.
Reported by Amanda Umpierrez
Impact Financial Systems (IFS) has announced the release of their ‘DOL Advisor Toolkit,’ a system created to assist advisers in light of the Department of Labor (DOL’s) new Fiduciary Rule, which requires all advisers working with qualified retirement plans and individual retirement accounts (IRAs) to act as fiduciaries.
The kit, which will help advisers build action plans, follow growth towards compliance and identify business effects made by the rule, has been in the works since speculation of a new standard began last year.
Among the services provided in the DOL Advisor Toolkit are account reviews and assessments, documentation and audit trails including the distribution of best interest contract (BIC) disclosures, automated compliance actions and more.
“The DOL Advisor Toolkit enables advisers to identify and manage existing account affected by the legislation, execute required disclosures and track progress towards compliance in one place,” says Ray Mulligan, managing editor of Product Strategy at IFS. “What’s more, the tool is designed to give advisers a holistic view of their book of business so that they can assess priorities and assure that clients select the right products to meet their needs.”
To learn more about the toolkit, visit here.