InvestorCOM Compliance Dashboard Simplifies PTE 2020-02 Retrospective Review Process
Compliance teams can monitor and analyze their firm’s rollover activity, identify risk-based scenarios for self-correction, and export data for regulatory reports.
Toronto, ON, November 1, 2022 – InvestorCOM, a leading regulatory software provider to the wealth management industry, today announced that the company’s rollover application now features a compliance dashboard, making it easier for compliance and supervisory teams to meet the upcoming Department of Labor (DOL) PTE 2020-02 retrospective review deadline.
The DOL’s PTE 2020-02 requires that broker-dealers and registered independent advisory (RIA) firms conduct an annual retrospective review. The initial review must be completed by approximately July 30, 2023.
In a recent survey by InvestorCOM, 48% of firms find the biggest challenge to complying with PTE 2020-02 is the retrospective review process. Furthermore, 90% of firms plan to meet the retrospective review requirements via a manual audit. Manual processes are widely considered unsustainable and open the firm up to potential operational risks and compliance breaches.
Given these challenges, InvestorCOM now offers a simple way for compliance and supervisory teams to analyze their firm’s rollover recommendations. InvestorCOM’s technology gathers all the transactional data from InvestorCOM RolloverAnalyzer and presents it in a single interface, making it possible to accurately monitor rollover volumes across the firm, drill into details, and identify risk-based scenarios that require additional research and/or remediation. Custom reports can be scheduled and emailed to compliance personnel, and data can be exported for inclusion in reports for regulators. RolloverAnalyzer records can also be compared against new accounts opened to ensure advisors are following policies and procedures.
“InvestorCOM’s pre-trade compliance platform was purposely designed to make it intuitive for firms and financial professionals to meet their regulatory obligations,” said Randy Barnes, Director of Sales and Product Engineering at InvestorCOM. “As a result, our RolloverAnalyzer application has been very well received in the market, and we expect our clients and prospects will be thrilled with our new compliance dashboard add-on.”
In addition to supporting compliance teams with meeting the retrospective review requirements, RolloverAnalyzer makes it easy for financial professionals to make best interest rollover recommendations. Using the intuitive app, they can analyze rollover recommendations, look up plan cost data, document the recommendation for record-keeping purposes and disclose it to their client.
To learn more about RolloverAnalyzer and how technology can be used to meet the DOL’s PTE 2020-02 requirements, sign up for our webinar featuring industry experts from Faegre Drinker, DFPG Investments, Oyster Consulting and Katten.
Firms can also sign up for a demo to learn more about RolloverAnalyzer and InvestorCOM’s pre-trade compliance platform.
About InvestorCOM Inc.
Since 1992, InvestorCOM has been providing regulatory compliance software and communications solutions to wealth managers, asset managers, and insurers. Our high value, intuitive solutions eliminate compliance risk for our clients. For more information, visit www.InvestorCOM.com, email firstname.lastname@example.org or call 1-800-361-9494.
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