Introducing the NEW PeerCompare: Intuitive assessment of costs and reasonably available alternatives
Since the advent of Regulation Best Interest (Reg BI) in 2020 wealth firms have seen increased scrutiny in their regulatory examinations. This year proves no different, with a heightened focus on firms’ compliance with Reg BI and their ability to illustrate how they are acting in the best interests of their investors . Anecdotally, one of InvestorCOM’s clients recently said, there is no longer a question as to whether regulatory enforcement will be coming, we know that it is already here.
As the general embrace of Reg BI’s requirements evolved over the past four years, wealth firms began to introduce a myriad of practices to help their financial professionals comply and document the assessment of costs and reasonably available alternatives. While some imposed manual self-attestations, others leveraged strategic software, like InvestorCOM, to remain compliant and alleviate regulatory burdens. The new transformed PeerCompare stems from the “voice of the client” with InvestorCOM’s existing foundation of simplicity and native documentation. Leveraging feedback from our clients and their thousands of financial professionals across North America, we continue to provide a product that meets their needs and reflects how they work.
Built on a Strong Foundation
InvestorCOM’s core principles – proudly simple functionality and seamless, native documentation – continue to be at the center of PeerCompare. We know that financial professionals require intuitive solutions that are built with them – and the regulations – in mind. They don’t need solutions that take them the long way around the block. They don’t want to complete multiple forms with endless free-form text boxes just to prove they have their client’s best interests at heart.
At its core, PeerCompare provides an efficient path to compare product costs, risks and performance while automatically documenting the assessment and storing it for future research and reference. The days of “if it isn’t documented it didn’t happen” can be in your past. With PeerCompare and our native documentation, the analysis and corresponding proof is all within your reach.
Improved by the Voice of the Customer
The new PeerCompare has been inspired by the voices of our customers. Feedback gathered through user surveys, client success calls, and various other conversations had a few main themes. They want the opportunity to see more data in a more logical fashion and analyze a full portfolio. So, we delivered.
Figure 1: Newly Redesigned PeerCompare
Financial professionals can now easily review their top product alternatives with key analytics neatly shown side-by-side. And analyzing a client’s entire portfolio of holdings can also be done within the same, easy-to-use framework. While the power of PeerCompare resides in our concise analysis of key cost, risk and performance measures, we also recognize that the financial professional needs access to additional data points to aid in their research. So, instead of making them go to a different product or platform, we have updated PeerCompare to provide more analytics at their fingertips, such as a full complement of standard deviation or performance metrics over the life of the product.
Figure 2: Enhanced Data Visibility
The latest updates to PeerCompare represent a significant step forward to provide efficiency to a largely inefficient process. Its dynamic peer group creation, comparative analysis features, integrated documentation, and enhanced research capabilities make it an indispensable asset for financial professionals committed to acting in their clients’ best interests. To book a demo, click here: https://investorcom.com/demo/