9/19/16 IFS Launches DOL Advisor Toolkit, Industry’s Only Comprehensive DOL Compliance Solution

Davidson, North Carolina — September 15, 2016Impact Financial Systems (IFS), the leading provider of business process automation solutions for the brokerage, banking and insurance industries, announced today the release of its DOL Advisor Toolkit. The solution was designed to help advisors identify where and how their businesses will be affected by the Department of Labor’s Fiduciary Rule, quickly develop action plans, and track progress towards compliance.

IFS began developing the DOL Advisor Toolkit last year when speculation about a new rule emerged. The new rule expands the definition of fiduciary to include all financial advisors who work with qualified retirement plans and IRAs.

The rule, which takes effect next April, brings with it significant changes to the way advisors must open and maintain accounts. The IFS DOL Advisor Toolkit provides advisors with all the tools they need to ensure their accounts are in compliance with the new legislation:

  • Account Review & Assessment – Gives advisors a holistic view of their clients’ accounts so they can take a proactive approach towards compliance
  • Communication Tools with Workflow – Create customized communication plans with notes, audit trails and workflow
  • Documentation & Audit Trails – Generate, distribute and manage documents including necessary BIC disclosures
  • Dashboards & Reporting – Track progress with robust reporting capabilities and visual dashboards
  • Automated Compliance Actions
    • Leaving an account “as is” and executing a Best Interest Contract Exemption
    • Convert the account from a commission-based account to a fee-based account
    • Transition a small account to a robo-advisor solution
    • Inform the client that you cannot work with them anymore and close the account

“Financial services firms are continuing to look to technology for solutions for compliance and operational challenges associated with the new DOL Fiduciary Rule,” said Ray Mulligan, Managing Director, Product Strategy, IFS. “The DOL Advisor Toolkit enables advisors to identify and manage existing accounts affected by the legislation, execute required disclosures and track progress towards compliance in one place. What’s more, the tool is designed to give advisors 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 and register for the firm’s upcoming product launch webinar, please click here.

About IFS

IFS is the leading provider of automation solutions for Client Onboarding and Asset Movement. The company’s process automation solutions are deployed at some of the world’s largest brokerage, wealth, banking and insurance companies. For more information, please visit us at www.ifsautomation.com or call 704.894.9331.