- by PCS
- Fiduciary, Compliance
DOL-Compliant Rollover Tool Smoothes the Way for Advisors in the Fiduciary Era
PCS, the nation’s premier fiduciary retirement platform, has introduced an advisor-initiated rollover system that is fully compliant with the Department of Labor (DOL) Fiduciary Rule. The looming April, 2017 implementation date of the DOL Rule has advisors and home offices scrambling for solutions—with about $4 Trillion in commission-based IRA accounts that will have to be rolled into new, compliant structures. Using PCS’ new tool, advisors can quickly and easily create a seamless journey for capturing rollovers out of qualified plans and transitioning existing IRAs from “C” (commissions) to Fee; ensuring DOL compliance.
“Come April, 2017, every retirement-plan enterprise will have to reassess its procedures,” said PCS CEO Mark Klein, a self-described recovering ERISA attorney. “Advisors, home offices, plan sponsors—they are all feeling the pressure. Of the $7.3 trillion currently in IRAs, $4 trillion is in commission-based accounts we anticipate that most (if not all) of these accounts will transition to level fee arrangements. Whether handled by independent RIAs, advisors registered with broker/dealers, or hybrid advisors, every account will have to be reviewed and converted in accordance with the DOL mandates, as necessary.”
PCS provides advisors and broker/dealers with a revolutionary fiduciary platform that is easy to set up, mobile-ready, customizable to fit the brand, and appropriate for any account size. The software maintains all necessary documentation to support “best interests,” and ensures investor acknowledgement of required disclosures. In addition to fostering account aggregation and a built-in Monte Carlo analysis capability, the rollover tool offers:
- An advisor initiated process
- Customizable risk tolerance questionnaire
- Built-In Home Office Compliance Monitoring
- Fee Approval (or set auto-approval based on approved criteria)
- Where applicable, the tool screen scrapes existing investments (current positions, fees, etc.)avoiding input of required comparison data
COMPREHENSIVE ROLLOVER TOOL
In addition to serving ongoing clients, advisors can initiate the rollover tool via text or email with “off
the street” IRA holders, providing a low-cost investment solution, easy set-up and paperless account
forms and disclosures.
“Since PCS was founded in 2001, our express purpose has been to offer advisors a conflict-free, fullfee- disclosure, no-hidden-agenda retirement platform,” said Klein. “With the anticipated cost and liability ramifications of the DOL regulations, we are providing advisors with a comprehensive rollover tool enabling them to remain compliant by quickly addressing the DOL level fee fiduciary requirements.”
FREE WEBINAR NOVEMBER 2ND
For more information about the rollover tool, join PCS for their upcoming webinar, “The Compliant Journey from ‘C’ to Fee,” on Wednesday, Nov. 2, at 1pm ET. To register for the webinar, please visit The Advisor Lab.