New Broadridge Offerings Aim at DOL Compliance

Broadridge Financial Solutions announced a new suite of technology driven solutions to help the investment community solve several of the most pressing challenges associated with the upcoming U.S. Department of Labor (DOL) Conflict of Interest Rule.

The new offerings include DOL Fiduciary Solutions, DOL Customer Communications, and DOL Compliance Reporting. Each, according to Broadridge, can help firms “validate, communicate and comply with the new rules, which take effect April 10, 2017.”

The firm, like many others, is arguing new the DOL rule is one of the biggest regulatory events facing the financial industry for decades. It will expand the definition of Employee Retirement Income Security Act (ERISA) fiduciary investment advice and apply a “best interest” standard to a much broader range of investment services, including retirement investment advice and certain individual retirement account (IRA) rollover recommendations.

“Forward thinking firms are using the new rule as an opportunity to further engage customers and deepen relationships through new technologies,” adds Andrew Besheer, product lead for the new suite of solutions. “Helping fiduciaries meet disclosure obligations can provide an additional communications touchpoint to add transparency and clarity to point-of-sale transactions, and strengthen customer relationships, while improving firm-wide operations.”

In terms of specific capabilities, Broadridge’s DOL Fiduciary Solutions, built on the firm’s FundPOINT data, can help financial advisers and firms make investment recommendations that meet fiduciary standards. Using the tool to evaluate and validate their mutual fund sell list, advisers can “see that the funds and share classes on broker/dealer and other distributor platforms are suitable for specific clients.” Additionally, firms can equip advisers with self-service tools to distribute contract, notification and disclosure documents, among other aggregation capabilities.

The second new component, Broadridge’s DOL Fiduciary Solutions tool, can help financial advisers and firms make investment recommendations that meet fiduciary standards. Using the tool to evaluate and validate their mutual fund sell list, advisers can see that the funds and share classes on broker/dealer and other distributor platforms are suitable for specific clients.

Finally, Broadridge’s DOL Customer Communications solution leverages Broadridge’s “existing communications connectivity across the breadth of the financial services industry to allow for composition, multi-channel print or digital delivery, as well as tracking and archival capabilities for compliance.”

More information is available at www.Broadridge.com/DOLFiduciaryRule.